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Mortgage Dos and Don'ts


Stay Available

Keep your financial records close at hand in case updates are requested.

Keep Income Documents Handy

Be aware that underwriters typically verify your income and tax documents through your employer, CPA, and/or IRS tax transcripts. Hold on to new pay stubs and bank statements as received.

Be Prepared to Download Current Bank Statements

Continue saving incoming account statements. Underwriters will not accept a screenshot of your account balances.

Understand Gift Funds

If you are receiving gift funds from relatives they will need to sign a gift letter and provide an account statement evidencing the source of the funds. Gift funds must be “seasoned”.

Keep Your Current Residence

If you’re renting, continue paying your rent on time and save proof of payment.

Keep Your Credit Shining

Continue making payments on time. Your credit report may be pulled again, and any negative change to your score could impact your loan approval.

Remember Things Have Changed

Underwriters require more documentation than in the past. Even if requests seem silly, intrusive, or unnecessary, please remember that if they didn’t need it, they wouldn’t ask.


Apply for New Credit

Changes in credit can cause delays, change the terms of your financing, or even prevent closing. If you must open a new account (or even borrow against retirement funds) please consult with your loan originator first.

Wait to Liquidate Funds from Stock or Retirement Funds

If you need to sell investments do it now and document the transaction. Don’t take the risk that the market could move against you, leaving you short of funds to close.

Make Big Changes to Your Account Balances

Primarily large, but sometimes small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Avoid depositing cash.

Change Jobs in the Process

Probationary periods, career, or even status changes (such as from salaried to a commissioned position, leave of absence or new bonus structure) can be subject to very strict rules.

Don't Ever Be Afraid to Ask Questions

If you are ever uncertain about what you need or what you should do, we are here to help!

Provided for informational purposes only. This is not a commitment to lend, not all borrowers will qualify.