Do’s & Don’ts During Home Loan Process
January 19th, 2009 Posted in Real EstateDo’s 
DO keep originals of all pay stubs, bank statements and other important financial documentation. Even if you have received a prequalification or preapproval letter from your lender, all documents that are over 30 days old will have to be updated prior to the closing of your mortgage loan, whether you are purchasing a new home or refinancing an old one. This is especially true in today’s market… Lenders are more careful than ever with regard to whom they lend money to…
DO notify your loan officer if you plan on using gift funds for your down payment on a purchase.
DO provide all documentation from the sale of your current home if you are purchasing a new home; ie, Residential Purchase Agreement, HUD-1 Closing Statement, etc…
DO notify your loan officer of any changes in your employment such as raises/promotions or change in salary status.
Don’ts
DON’T change your job/employer without asking your loan officer how this might impact your ability to secure your loan.
DON’T increase any liabilities, including credit cards or equity lines, during the loan process.
DON’T make any major purchases prior to closing as this may impact your qualification ratios; ie, new car, furniture, appliances, electronics. These purchases can always be made after close of your loan or escrow.
DON’T close, open or transfer any asset accounts without discussing it with your loan officer first. FNMA/HUD may require documentation as to the source of these funds.
If you would like to search the MLS for listings in and around Paso Robles, visit my website. If you have any real estate questions or general questions about Paso Robles or San Luis Obispo North County, please contact me via email or call me at (805) 235-0234 for more information.
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Tags: financing, homes loans, loan documentation, paso robles, san luis obispo north county