DO carry the cashier’s check made out to the title company for closing costs.Personal checks for closing for $500 or less are also acceptable.
DO inform us if your salary or other details change from that mentioned in the loan application.
DO notify us if you change your residence after your original loan application has been submitted. Rental and mortgage verification for all of your residences of last two years is done.
DO get the homeowner’s insurance with minimum coverage having an amount equal to your total loan or the replacement value of the property. Call us with your agent’s name and phone number at least 10 days before closing.
DO keep a copy of all your financial transactions like all checks, deposit slips, loan paperwork, forms to liquidate assets, etc. which is known as a paper trial.
DO get a clear termite report on the property. If not present, provide a receipt for treatment showing the chemicals and the amount used for treatment (upon request).
DON’T change jobs without discussing with us. Any variation in compensation may affect your ability to qualify. Borrowers need to have a two-year history of bonus and/or commissions as income. Lenders may verify employment on the day of closing as a quality control check.
DON’T change jobs without consulting us. A change in compensation may affect your ability to qualify. Borrowers must have a two-year history of bonus and/or commissions to be counted as income. Lenders may verify employment on the day of closing as a quality control check.
DON’T co-sign with anyone to obtain a line of credit or to purchase. The payment will be mentioned on your credit report as an additional debt.
DON’T negotiate your contract with an allowance and expect to get money back at closing. An allowance can be used to pay closing costs and/or prepaids.