When you’re in the process of purchasing a home, we know you probably have lots of questions and may be a bit uncertain about what you should and shouldn’t be doing.  We’ve broken down some of our most common questions into do’s and don’ts during the home loan process to help you successfully navigate the home buying process.

  • DO notify us if your salary, compensation or employment status changes from what has been noted on your loan application.
  • DO get a homeowners insurance quote within 1 week of going under contract.
  • DO obtain homeowners insurance with minimum coverage equal to the amount of your total loan or the replacement value of the house.
  • DO keep documentation (“paper trail”) on any large deposits into your account. A “paper trail” is a copy of all paperwork necessary to prove financial transactions (i.e. copies of all checks, deposit slips, loan paperwork, forms to liquidate assets, etc.)
  • DO notify us if you move funds from one account to another and provide a “paper trail” on any transactions.
  • DO bring a cashier’s check made out to the title company for your closing costs.
  • DON’T acquire any additional credit lines or make any large purchases on existing credit without first consulting us. For example: purchasing a car or buying appliances and furniture for your new home will change your debt to income ratios.
  • DON’T change jobs without consulting us. A change in compensation may affect your ability to qualify. 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 make a purchase. The payment will show up on your credit report as an additional debt.

Our goal is to arm you with all of the information that you need to make confident decisions during the home loan process. If you ever have questions or are uncertain on what to do, please don’t hesitate to call our team for guidance! We’re available at 512-592-3840!