Helpful Tips for a Smooth Mortgage Process:

Tips for successful:

• Ensure you have a cashier’s check payable to the title company for your closing costs. For amounts under $500, a personal check is acceptable.

• Notify us of any changes in your salary or compensation as stated in your loan application.

• Inform us promptly of any changes to your address provided on your original loan application. We verify rental and mortgage history for the past two years.

• Obtain homeowners insurance with coverage equal to your loan amount or the replacement value of the property. Please provide your agent’s contact details at least 10 days before closing.

• Maintain documentation for any significant deposits into your account. A clear paper trail includes paychecks, deposit slips, loan paperwork, and asset liquidation forms.

• Notify us of any transfers between accounts and provide documentation to support these transactions.

• Ensure a clear termite report for the property. If not clear, provide a receipt for treatment detailing the chemicals used.

Tips for unsuccessful:

• Avoid opening new credit lines or making large purchases on existing credit without consulting us first. These actions can impact your debt-to-income ratio.

• Consult us before changing jobs, as changes in compensation may affect your qualification status. A stable two-year employment history is typically required.

• Refrain from co-signing for any credit lines or purchases, as these will appear as additional debts on your credit report.

• When negotiating contracts, do not expect cash back at closing for allowances. Allowances are typically used to cover closing costs and prepaids.

These guidelines are designed to help streamline your mortgage process and ensure a successful closing experience.