12 THINGS NOT TO DO
WHEN OBTAINING A MORTGAGE LOAN
1) DO NOT change jobs
Lenders will verify your employment the day of closing.
2) DO NOT change your pay structure
Lenders may need an additional paystub.
3) DO NOT apply for new credit
Lenders may have to pull credit again before closing and inquiries can lower your credit score.
4) DO NOT change your marital status.
5) DO NOT deposit any sums into your bank that cannot be documented thoroughly
Lenders may need an additional printout prior to closing to show funds are available or items have cleared.
6) DO NOT dispute any items on your credit
No disputes allowed on credit reports, even if settled or paid.
7) DO NOT charge up your credit cards "getting ready for the new house"
This could lower your credit score or increase your debt ratio.
8) DO NOT let your driver's license expire
The notary at the title company requires current identification.
9) DO NOT skip payments on your current bills to "save up for the house" including rent.
Lenders might have to re-verify prior to closing.
10) DO NOT spend money from your checking account unless absolutely necessary
Lenders may ask for additional printouts from your bank to check funds.
11) DO NOT make application for other loans for another property
Lenders check a system called MERS which identifies any loans you have applied for.
12) DO NOT put any gifts funds into your account
Check with your loan officer on the necessary procedure.