Ensure a smooth home loan process
Mortgage Do's & Don'ts
Be Aware of Credit Inquiries
Our team might review your credit report close to the closing date to inspect recent financial activities. Ensure your recent credit behavior doesn’t raise any red flags.
Retain Deposit Receipts
Always provide receipts for earnest money deposits, whether from your personal account or gift funds. Remember, gift funds follow specific criteria, so it’s crucial to get clarity based on your circumstances.
Organize Your Documentation
Maintain a systematic record of documents related to income, employment, and other financial obligations. Have your W2s, tax returns, bank statements, and pay stubs readily available.
Engage and Ask
Your NMB Loan Officer is here to guide and answer all your queries throughout the process. We’re here to help!
Steady Employment and Income
Exhibit consistency in your employment and income throughout the application phase. Avoid major changes, though increments and promotions are welcome exceptions!
Embrace a Savings Mindset
Apart from earnest money and closing costs, remember that post-purchase expenses like furniture and appliances might also affect your financial standing. It’s important to emphasize savings as a part of a smart financial strategy during this time.
Alter Bank Accounts
Consult with our team before initiating any changes like opening, closing, or transferring funds between accounts. Such modifications could inadvertently cause loan origination delays.
Switch Jobs or Modify Employment Details
While you can change jobs or modify tax returns, inform your loan officer promptly. Any such alterations could influence your qualification and the documentation process.
Splurge on Major Purchases
Resist the allure of acquiring new furniture, vehicles, or home appliances during this phase. Such expenditures could impact your savings and credit profile.
Avoid Going Solo
Don’t go it alone! Always be transparent about all financial obligations on your mortgage application and maintain open communication with your Loan Officer.
Large Bank Deposits
Before making non-regular deposits, especially cash, consult with your Loan Officer to understand the documentation required for verifying the source of these funds.
Initiate New Credit Activities
Refrain from opening or closing credit lines, co-signing loans, or making significant credit card expenditures.
