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Senior Mortgage Consultant

NMLS# 1205456

Mario Corleto

Mortgage Process Do's and Dont's

 

The Do’s

  • DoProvide all documentation for the sale of your car or personal items, if any current home, including sales contract, closing statement, employer relocation/buy-out program if applicable.
  • Do – Keep all originals, and have access to all of your pay-stubs, bank statements and other important financial documents.
  • Do - Always watch your new credit report. It could have been just pulled prior to closing.
  • Do - Provide your Earnest Money Deposit from your own personal bank account or acceptable gift funds.
  • Do - Notify your Loan Originator if you plan to receive gift funds for closing.
  • Do - Notify your Loan Officer of any employment changes such as recent raises, promotion, transfer, change of pay status, for example, salary to commission.
  • Do - Stay employed if employment income is used for loan approval.
  • Do - Save money to your account provided for verification of assets.
  • Do - Make timely payment on all current debt obligations, including any current mortgage, car, student loan or credit card.
  • Do - Notify loan officer regarding any changes to your employment status, (i.e., promotion/demotion, job loss).
  • Do - Notify loan officer of any loss of income.
  • Do - Notify loan officer of any depletion of funds needed to close.
  • Do - Notify loan officer of change of current address, phone or email.
  • Do - Notify loan officer of any deposit you expect to made not related to your payroll, pension, SSI or income tax refund.
  • Do - Notify loan officer if you expect to receive gift from relative, employer, union hall or non-for-profit organization.

 


 

The Dont’s

  • Don’t- Close or open any asset accounts or transfer funds between accounts without receiving the correct documentation required for your loan.
  • Don’t - Change jobs/employer without inquiring about the impact this change might have on your loan.
  • Don’t - Deposit any monies outside of your payroll deposits, particularly cash or sale of personal property.  Many guidelines require substantial documentation as to the source of these deposits.
  • Don’t - Open or increase any liabilities, including credit cards, student loans or other lines of credit during the loan process.
  • Don’t - Make major purchases prior to or during your contract, such as new car, furniture, appliances, etc. as this may impact your loan qualification.
  • Don’t - Advance of any cash from credit card or borrow funds for closing.
  • Don’t - Change your legal name.       
  • Don’t - Take any unpaid time off.
  • Don’t - Schedule any vacation or time off for any reason if all possible before closing.
  • Don’t - Alter any documents in any way.
  • Don’t - Allow anyone else to run your credit.

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