The DO's & DON'Ts of a New Mortgage
- DO continue paying off debt - help keep your debt ratio low!
- DO explain any credit blemishes and credit inquiries - help get your mortgage approved!
- DO authorize UAMC to correspond via e-mail - ensures a smooth and efficient process!
- DO submit all items requested by Loan Officer within 5 days - get your mortgage closed on time!
- DO keep originals of all paystubs, bank statements and other financial documentation.
- DO provide documentation for the sale of your current home. (i.e. sales contract, closing statement, etc.)
- DO notify your Loan Officer if you plan to receive gift funds for closing costs - FHA requires proof of a long-standing relationship.
- DO notify your Loan Officer of any changes in employment or marital status. (i.e. change of employer, recent raise, transfer, change of pay status, divorce, marriage, etc.)
- DO contact your Loan Officer to lock in your mortgage rate.
- DO research and choose a homeowner’s insurance company and program - obtain them no less then 5 days prior to closing. Review your insurance documents to insure your mailing address and property address are the same when purchasing/refinancing your primary residence.
- DO notify your Loan Officer of any special circumstances with your closing. - (i.e. utilizing a Power of Attorney, sending closings docs to you at location other than the title company.)
- DO NOT make major purchases prior to closing (i.e. new car, furniture, appliances, electronics, etc.) - This may impact your ability to qualify!
- DO NOT attempt to open or increase any liabilities including credit cards, signature loans, etc. during the loan process. - This may impact your ability to qualify!
- DO NOT change jobs/employer without inquiring about the impact this change would have on the approval of your mortgage.
- DO NOT obtain and/or deposit unusually large sums of money without proper documentation within 60 days of closing - FNMA/HUD guidelines require documentation as to the source of these funds (i.e. copy of bonus check, copy of insurance settlement, gift letter, etc.)
- DO NOT close, open or transfer any asset accounts without acquiring the proper documentation required for your loan file - if you transfer all the funds in your stock account to your savings account, then documentation is required.