Do's and don'ts when applying for a mortgage

Do

  • Do provide all requested information and documents quickly

  • Do keep your file current with the most recent copies of your pay stubs and bank statements

  • Do continue to make all payments on credit cards, loans, and rental or mortgage accounts as agreed

  • Do keep your balances low on credit cards, even if you pay them off in full every month

  • Do realize your credit may be reviewed up to the closing date Do make the earnest money check for your purchase from your personal checking account

  • Do call us if you have any questions

 

Don’t

  • Don’t apply or take out new credit cards, auto loans, or other loans until after your closing date

  • Don’t make any unverifiable or un-documented deposits into your checking or savings accounts

  • Don’t make a major purchase (car, boat, jewelry, furniture, etc)

  • Don’t pay off a collection or charge-off account Don’t close any credit card accounts

  • Don’t consolidate your debt on to 1 or 2 credit cards Don’t transfer funds from your business account to your personal account

  • Don’t include any seller’s personal property (furniture, machinery, etc.) in the purchase contract

  • Don’t dispute anything on your credit report Don’t quit your job or start a new company Don’t take cash advances on credit cards