Here we’ve listed a few tips on the “Do’s and Don’ts” of Financing to help you get the best mortgage plan possible.
- Don’t close out any of your credit cards because this can lower your credit score.
- Don’t pay off any collections without checking with us first because this can lower your credit score.
- Don’t add or apply for any unnecessary credit without checking with your lender first. For example don’t buy a new car, don’t buy any new furniture, sign up for a 12 month’s same as cash purchase, another mortgage, get a personal loan, apply for new credit cards and don’t charge on the ones you have.
- Don’t change your job or quit without checking with us first.
- Don’t make any unnecessary purchases in general because the stronger your assets (money in your bank accounts, retirement funds, stocks, etc.) the better your loan file will look to the underwriter.
- Any deposits that are made into any bank account need to be able to be sourced as to where the funds came from and what they were for, so no cash deposits.
- Keep your last 2 years W-2’s and tax returns, paychecks, bank statements, or any other new asset statements where you can find them up until we get to closing because we will need them when we find a home and go to submit your loan to underwriting.
- Get us any documents that we request in a timely manner.
- Have enough money available to cover your earnest money deposit, appraisal fee, and for your home/termite inspection when you find a home that you want to purchase. They will usually total a minimum of $1,000 to $2,500 depending on the transaction.