When buying a home in Denver, remembering to do these things will make the mortgage process easier and quicker. Save time and reach your home ownership goals sooner!
DO…. get homeowner’s insurance with minimum coverage equal to the amount of your total loan or the replacement value of the house. Call our office with your homeowner’s insurance agent name and phone number at least 10 days before closing.
DO…. contact us if your salary or other compensation changes from what has been noted on your loan application.
DO…. bring a cashier’s check made out to yourself for your closing costs. You will then sign it over to the title company. You can usually bring a personal check to closing for $500 or less.
DO…. let us know if your address changes from what is on your original loan application as soon as possible. We will do rental and mortgage verifications for all of your residences within the last two years.
DO…. keep documentation (a “paper trail”) on any large deposits into your account. A “paper trail” consists of copies of all paperwork necessary to prove any financial transaction: copies of all checks, deposit slips, loan paperwork, and any forms to liquidate your assets, etc.
DO…. call if you have any questions or any changes you feel may affect your loan process. We can discuss and determine if there will be any changes needed.
DON’T…. co-sign with anyone to obtain a line of credit or make a purchase, including children. The payment will show up on your credit report as an additional debt and may affect your loan status.
DON’T…. change jobs without informing us. A change in compensation may affect your ability to qualify. Borrowers must have a two year history of bonus and/or commissions to be counted as income. Loan providers may verify employment on the day of closing as a quality control check.
DON’T…. open any additional credit cards or other lines of credit or make any large purchases on existing credit without first letting us know. For example: purchasing a car, new furniture, or buying appliances for your new home will change your debt to income ratio.
DON’T…. think we don’t want to hear your concerns. If, at anytime, you have a question, please call. Peace of mind is important regarding what may be one of the biggest decisions you make in your lifetime.
* All information is suggestive in nature only. Please discuss with your loan officer. Subject to change.