There are several things that can negatively affect your ability to close your loan. Keep these in mind as we proceed.

• DON'T change jobs without inquiring about the impact this change could have on the approval/approvability of your mortgage loan.
• DON'T make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics) because this might impact your qualification ratios. Please call me to calculate what your ratios would be with any additional debts.
• DON'T obtain and/or deposit sums of money over $500. FNMA/HUD guidelines require documentation as to the source of these funds (i.e., copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and deposit slips, etc.).
• DON'T close/open or transfer any asset accounts without inquiring about the proper documentation required for our loan file (i.e., if you transfer all the funds in your stock account to your savings account, documentation is required).
• DON'T open or increase any liabilities, including credit cards, signature loans, etc., during the loan process. This could have a major impact on your credit score.

So what should you do?

• DO keep originals of all pay stubs, bank statements, and other important financial documentation. We are required to update any documents that are over 30 days old prior to the closing of your mortgage loan (this is required even if your loan is approved).
• DO provide all documentation for the sale of your current home (i.e., sales contract, closing statement, employer relocation/buyout program).
• DO notify me if you plan to receive gift funds.
• DO notify me of any employment changes (i.e., change of employer; recent raise/promotion; change of pay status, such as salary to commission, etc.).

When closing time comes, anyone who is going to be listed on title (even if they are not on the loan) must attend the loan closing. You will be required to show identification so bring a copy of your driver’s license with you.

Any funds required to close must be in the form of a cashier’s check made out to the title company. You should know the exact amount for the check a few days before closing.

If there is any doubt in your mind regarding what to do, please call my office. Let my experience work for you. Thanks for placing your trust in me and I look forward to serving you and your friends.