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Mortgage Do’s & Dont’s

Mortgage Do’s & Dont’s

applying for a home loan fargo nd,dos and donts when applying for a mortgage fargo nd
When applying for a home loan…

Do’s

  • Do contact a local lender as soon as possible to get preapproval before starting your home search
  • Do save all bank statements, paystubs, retirement statements, tax returns, W2’s
  • Do keep making payments on time
  • Do keep track of all paper work in one file
  • Do check your email regularly
  • Do notify your lender if anything changes
  • Do let your employer know you are buying a home for simplicity when the lender needs to verify employment

What not to do prior to closing on the purchase of your new home…

Dont’s

  • Don’t make any large purchases
  • Don’t burn up credit card balances
  • Don’t apply for any new credit (cars, furniture, retail store credit offers, lines of credit etc.) – even if they are offering “NO” payments for a period of time
  • Don’t switch employment or give notice of future plans of switching employment
  • Don’t close accounts, consolidate or pay off any balances unless communicated (Sometimes a “do” when instructed)
  • Don’t transfer funds from account to account unless communicated
  • Don’t make large deposits into your accounts without documenting the source
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