Tips to guide you through the home loan process
Home Buying Guide: Recommendations
- Contact us if your salary or other compensation changes from what has been noted on your loan application.
- 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.
- 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 verification for all of your residences within the last two years.
- Additionally make sure to document 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.
Home Buying Guide: What to avoid
- 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.
- 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.
- 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.
* All information is suggestive in nature only. Please discuss with your loan officer. Subject to change.