Getting a Mortgage:
Planning
Planning for Your Mortgage
DOs & DON'Ts of a New Mortgage
- DO continue paying off debt (If applicable)
- DO explain any credit blemishes & inquiries
- DO authorize Movement to correspond via email – Ensures a smooth and efficient process
- DO submit all items requested within 3 days
- DO provide documentation for the sale of your current home (If applicable)
- DO notify your Loan Officer if you plan to receive gift funds for closing costs
- DO notify your Loan Officer of any changes in employment or marital status
- DO contact your Loan Officer to lock in your mortgage rate
- DO research & choose a homeowners insurance company
- DO notify your Loan Officer of any special circumstances with your closing (i.e. Utilizing a Power of Attorney, sending closing docs to you at location other than the title company)
- DO NOT make major purchases prior to close – This may impact your ability to qualify (i.e. New car, furniture, appliances, electronics, etc.)
- DO NOT attempt to open or increase any liabilities including credit cards, signature loans, etc. during the loan process – This may impact your ability to qualify
- DO NOT change jobs or employers – Without inquiring about the impact this change would have on the approval of your mortgage
- DO NOT obtain and/or deposit unusually large sums of money without proper documentation – Guidelines require documentation as to the source of these funds (i.e. Copy of bonus check, copy of insurance settlement, gift letter, etc.)
- DO NOT close, open or transfer any asset accounts without acquiring the proper documentation required for your loan file – (i.e. If you transfer all the funds in your stock account to your savings account, then documentation is required)
