Once you begin the mortgage process, changes in your financial status and your job are much more closely watched. In addition, there are some steps you can take with information you need to provide that will make it easier.
Don’t Do Why?
♦ Open or close bank accounts.
♦ Transfer funds from one account
♦ Keep copies of all non-payroll
checks or other items deposited
in your account.
Various regulations require that we
account for the source of funds for
♦ Apply for new credit.
♦ Make large purchases which
impact your debt level.
♦ Pay off debt, including collection
accounts, until you’ve consulted
♦ Shop for furniture, upgrades, etc.
♦ Wait until after you have closed
on your house to buy.
Additional debt may impact your
ability to qualify for a mortgage.
♦ Keep any change in your job,
title, or pay structure to yourself.
♦ Immediately notify your lender if
anything changes about your job
Your job/pay is the clearest
indication of your ability to repay
♦ Schedule movers or
♦ Schedule utilities
until your loan is approved.
♦ Wait for approval to avoid
possible reschedule fees.
We expect to close you on the date
you have selected, but until your
loan is fully approved, we can’t be
sure that will happen.
♦ Wait to shop for insurance. ♦ Get quotes and select your
This is a requirement of all loans, so
the sooner we have it, the better.
♦ Schedule too little time for the
♦ Let us know right away if you (or
your spouse) will not be able to
be at the closing.
Texas is a Community Property State
and when married, the borrower’s
spouse must sign some documents,
even if the spouse is not on the loan.
♦ Throw or put away financial
♦ Keep paystubs and bank
statements readily available.
♦ Track all non-payroll deposits
It is likely that we’ll be asking for
updated info as we near closing.
Keep it handy for ease of access.
In general, if anything in your financial, business, or family life changes during the loan process, be sure to
notify your lender as soon as possible.