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Do's and Don'ts

Every borrower wants their mortgage closing to be simple and stress free.  While it may not always feel like it (between loan processors' requests for your 2011 Schedule E and page 6 of  March's bank statement), lenders want the same thing.  Here are some timely "do's and don'ts" for borrowers to consider during the loan application process.  While no single list can completely cover all loans, following these "do's and don'ts" during your mortgage application process will help you close your loan faster, sleep better at night, avoid premature gray hair, and help your loan officer give you the best service possible.
 

DO

  1. Pay your bills on time
  2. Make sure your financial documents have your name on them (pay stubs, bank statements, etc.)
  3. Disclose all debts, including job related debts such as 401K loans, alimony or child support payments.
  4. Save and/or copy all financial documents (pay stubs, bank statements, deposit slips, tax returns, W-2 statements, legal documents, etc.). 
  5. Document the sale of any asset, e.g. car, boat, motorcycle, if you’re selling it to use for buying a house.  Make a copy of the bill of sale, title, and check from buyer.  Do not accept cash as it’s untraceable.
  6. Provide ALL pages to your bank statements, even if that last page is blank or has marketing material on it.  Banks always ask for all pages to bank statements.
  7. Make certain that the person giving you a gift has had that money in their account for at least 30 days before giving you the funds.  Do not accept cash as a gift.
  8. Ask questions!

 

DON’T

 

  1. Quit your job and/or change employment including becoming self employed
  2. Pack up your financial documents or throw away/ shred any documents (you always want to have all your financial documents readily available)
  3. Incur any new debt (credit cards, auto loans, furniture loans, etc.)
  4. Close any credit (this can lower your credit score).
  5. Make any large deposits, especially cash deposits.  Large deposits need to be fully documented and paper trailed with copies of checks, deposits slips, other bank statements, etc.  As little as a $100 deposit could be questioned.  If you have money laying around that cannot be documented where it came from, do not deposit it.  Consult with your Loan Officer for additional information.
  6. Limit the transfer of funds to and from accounts (this causes delays as money has to be traced back and forth and leads to needing more documentation)
  7. Cross/Black/White out account numbers, names, etc. on any documents (this looks suspicious)
  8. Staple anything together if you need to mail it (I’ll have to un-staple to scan your documents)
  9. Procrastinate in providing information when requested as it will only delay YOUR loan approval and closing.

 

Fairway Mortgage Services
66 Gretna Road, Pleasant Valley, NY  12569
Toll Free:  (800) 640-8929
Office:  (845) 635-4670 Ext. 111
Cell:  (914) 475-2789
Fax:  (866) 841-5595
jim@fairwaymtgservices.com
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Registered Mortgage Broker NYS DFS
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