PrimeLending has been relentlessly dedicated to simplifying the home loan process for more than three decades. We know the ins and outs of the borrower experience, and we know how to prepare you for it — that’s why we’re here to deliver the Dos and Don’ts of the mortgage process.
DO
- Notify us if your salary or other compensation changes from what is noted on your loan application.
- Inform us if your address changes from what appears on your original loan application.
- Obtain homeowner’s insurance with minimum coverage equal to the amount of your total loan or the replacement value of the house.
- Keep documentation (“paper trail”) on any large deposits into your account: copies of all paperwork necessary to prove a financial transaction, including all checks, deposit slips, loan paperwork, forms to liquidate assets, etc.
- Notify us if you move funds from one account to another. Provide a “paper trail” on all transactions.
DON’T
- Acquire any additional credit lines or make any large purchases on existing credit. Buying a car or buying appliances for your new home will change your debt-to-income ratios.
- Change jobs. A change in compensation may affect your ability to qualify. Lenders may verify employment on the day of closing as a quality control check.
- Co-sign with anyone to obtain a line of credit or make a purchase. It will show up on your credit reports as an additional debt.
- Negotiate your contract with an allowance and expect to get money back at closing. An allowance can be used to pay closing costs and/or prepaids.