Mortgages: Do's & Don'ts When Applying for a Home Mortgage

DO'S & DON'TSWHEN

APPLYING FORA MORTGAGE

The

J U N E 2 0 1 5

P R E S E N T I N G

M E L I S S A T U C K E R , S W O P R O P E R T I E S

Keep originals or be able to access (on youremployer & bank websites) all pay-stubs, bankstatements and other important financial

documents.

Close or open any asset accounts ortransfer funds between accounts without

asking your Loan Consultant aboutthe proper documentation required for

your loan.

For example, before transferring allfunds from your savings to yourchecking, check with your Loan

Consultant.

Provide your Earnest Money Deposit fromyour own personal bank account oracceptable gift funds.

Please talk to your Loan Consultant foradditional clarification. This will present avery difficult problem if not managedproperly in the beginning.

Deposit any monies outside of yourautomated payroll deposits, particularlycash or sale of personal property, withoutnotifying your Loan Consultant.

Many guidelines require substantialdocumentation as to the source of thesedeposits.

Provide all documentation for the sale ofyour current home, including salescontract, closing statement, employer relocation/buy-out program if applicable.

Change jobs/employer without inquiringabout the impact this change might haveon your loan.

Notify your Loan Consultant if you plan toreceive gift funds for closing.

Gift funds are acceptable only if certaincriteria are met.

Advances from credit cards for downpayment/ closing costs are neveracceptable.

Make major purchases prior to or duringclosing such as new car, furniture,

appliances, etc. as this may impact yourqualifying amount.

Email

Melissa@SWOProperties.com

and request your free Do's &

Don'ts When Applying for a

Mortgage 1 Page Quick

Reference Check List

Notify your Loan Consultant of anyemployment changes such as recentraise, promotion, transfer, change of pay status, for example, salary to commission.

Open or increase any liabilities, includingcredit cards, student loans or other linesof credit during the loan process as it mayimpact your qualifying amount.

Be aware that a new credit report couldbe pulled just prior to closing.

The

SECRETOF GETTING AHEAD

is

GETTINGSTARTED

Contact me today for assistance with yourhome financing.

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