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.