Dos And Donts

Mortgages

DO’s and DON’Ts

DO’s and DON’Ts For a Smooth Mortgage Process

When you are getting ready to refinance, or purchasing that wonderful new home, every borrower wants the same thing – a great mortgage experience that is hassle free and closes on time. And as it turns out, Lenders feel the exact same way! So with that end in mind, use this list as a tool in helping your transaction be as smooth as possible. Following these simple suggestions can make a BIG difference in the ease of your lending transaction, and is important from the day you apply until the day you close your loan.

DO

  • Ask your loan officer lots of questions, and listen to the answers.
  • Promptly provide all documentation asked for – this will tremendously facilitate a smooth process for you.
  • Check your email frequently during the loan process to be sure to respond to any requests from your loan officer or loan processor.
  • Make sure you and your loan officer discuss your rate and whether to ‘float’ or lock the rate at the time of application.
  • Know the rate and balance on your existing loan.
  • Be comfortable and confident in your loan officer – they are there to make your process a good one!
  • Make sure your employment, asset and personal information are correct on your loan application.
  • Ask about how your escrow account works if you are unsure.
  • Feel free to ask your loan officer questions to be sure you have a clear understanding of the transaction.

DON’T

  • Quit your job or change employment during the loan process.
  • Begin the loan process the day before you go out of town on a camping trip – it is important to be accessible during the loan process.
  • Purchase a new car or other large item during the loan process.
  • Take out new credit card or other debt during the loan process.
  • Ignore emails and phone calls from your lender – prompt responses are vital.
  • Close any current credit cards during or right before the loan process. This can sometimes negatively impact your credit score.
  • Exceed your given credit limit on any credit card account.
  • Transfer funds between asset accounts without asking your loan officer if this may impact your transaction.
  • Make large deposits into your asset accounts that cannot be traced.