Mortgage Do’s & Don’ts

Tips to Follow When Getting a Mortgage.

Do’s & Don’ts

Mortgage Do’s & Don’ts

  • This is a very detailed process and you will need to provide information that you may feel is unnecessary.  All items requested are mandatory requirements per the lender’s underwriting department and/or the Federal Government.  We will do what we can to limit your exposure to requests that you may feel are silly and unwarranted.

  • A lot of things can happen during escrow that could change the underwriting disposition of your loan application.  For example. a borrower could lose their job, get injured, have a home damaged by weather, or experience some other unplanned event.  The more time there is between application and closing, the more of a chance that one of these events could occur.  We understand that sometimes bad things just happen; however, there are things within your control for which you can plan.

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    Don’t buy a new car, trade-up to a bigger lease, or co-sign for anyone else.   If you shop for a car, DO NOT LET THE DEALER RUN YOUR CREDIT REPORT.

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    Don’t quit your job, change industries, or start a new company.

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    Don’t switch from a salaried job to a job based on bonuses or commissions.

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    Don’t transfer large sums of money between bank accounts without first discussing with your Loan Officer.

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    Don’t forget to pay your bills - even the ones in dispute.

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    Don’t open or apply for new credit cards or credit lines, including department stores — even if you’re getting 25% off for a purchase.

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    Don’t accept and deposit a cash gift without first discussing with your Loan Officer and filing the proper “gift” paperwork.

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    Don’t make random, undocumented deposits into your bank account.

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    Don’t make cash deposits of any kind into your bank accounts.

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    Don’t forget to continue making your mortgage payments on properties being refinanced.  If the expected close of escrow is close to the date your next payment is due, please contact your Loan Officer to discuss BEFORE making the payment.

These tips should be read and followed to avoid many of the common mistakes made during the escrow process.  Please contact our office at (602) 774-0990 if you are unsure about something or need help understanding our process.

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