Below are a few reminders of "do's and don'ts" before you close on your loan.  If you are uncertain about what to do, please call our office for guidance.

  • DO bring a cashier's check made out to the title company if your amount due is over $1500.
  • DO notify us if your salary or other compensation changes from what is noted on your loan application.
  • DO inform us if your address changes from what appears on our original loan application.  We will complete rental or mortgage verification for all your residences within the last two years.
  • DO obtain homeowners insurance with minimum coverage equal to the amount of your total loan or the replacement value of the house. 
  • DO keep documentation (or "paper trail") on any large deposits into your account.  A "paper trail" is composed of the copies of all paperwork necessary to prove a financial transaction:  copies of all checks, deposit slips, loan paperwork, forms to liquidate assets, etc.
  • DO notify us if you move funds from one account to another.  Provide a "paper trail" on transactions.
  • DO make sure you have a clear termite report on the property if you are purchasing an existing property and obtaining a FHA or VA loan (for conventional loans and alternative loans this is optional). If the termite report is not clear, provide a report that confirms treatment and the chemical amount used for treatment.

And, here's what NOT to do...

  1. DON'T acquire any additional credit lines, make any large purchases on existing credit, or transfer any credit card balances without first consulting us.  For example:  Purchasing a car or buying applicances for your new home will change your deb-to-income ratios.
  2. DON'T change jobs without consulting us.  A change in compenstaion may affect your ability to qualify.  Borrowers must have a two-year history of bonuses and/or commissions to be counted as income.  Lender may verify employment on the day of closing as a quality control check.
  3. DON'T co-sign with anyone to obtain a line of credit or make a purchase.  The payment will show up on your credit report as an additional debt.
  4. DON'T negotiate your contract without talking to your loan officer first.
  5. DON'T negotiate your contract with an allowance and expect to get money back at closing.  An allowance can be used to pay closing costs and/or prepaids.