Mortgage Do and Don’t List DO bring a cashier’s check made out to the title company for your closing costs. DO notify us if your salary or other compensation changes from what is noted on your loan application. DO inform us if your address changes from what appears on your original loan application. We will complete rental and mortgage verification for all of your residences within the last two years. DO obtain homeowner’s insurance with minimum coverage equal to the amount of your total loan or the replacement value of the house. Call my office with your agent’s name and phone number at least 10 days before closing. DO keep documentation (or a “paper trail”) on any large deposits into your account. A “paper trail” is composed of the copies of all paperwork necessary to prove a financial transaction: copies of all checks, deposit slips, loan paperwork, forms to liquidate assets, etc.
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 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. Borrowers must have a two-year history of bonuses 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 make a purchase. The payment will show up 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.
DO notify us if you move funds from one account to another. Provide a “paper trail” on transactions. DO make sure you have a clear termite report on the property. If the termite report is not clear, provide a receipt for treatment that shows the chemicals and the amount used for treatment.
Call me for more information about how we can finance your new home loan smoothly.
Eric Lawrence Frazier, MBA Production Manager NMLS: 461807 Tel: 800-261-1634 x 703 Cell: 714-361-2105 Jessie Lee Loan Originator Associate NMLS: 918211 Tel: 800-261-1634 x 708 Cell: 818-601-0206
www.thedoitnowteam.com 1250 Corona Pointe Ct., Suite 102 Corona, Ca 92879
All loans subject to credit approval. Rates and fees subject to change. Mortgage financing provided by PrimeLending, a PlainsCapital Company. Equal Housing Lender. © 2013 PrimeLending, a PlainsCapital Company. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act- lender lic no. 4130996.