Do:
- Tell the loan officer everything; disclose all potential problems with regard to credit, employment, and source of funds
- Disclose all income and debts
- Disclose all sources of funds. If you are receiving funds as a gift from a family member a “gift” letter will be needed
- Disclose alimony and child support
- Bring a cashier’s check to the closing or arrange for funds to be wired prior to closing. Personal checks will not be accepted except to make up a small difference in funds needed for closing
- Ask questions
Don’t:
- Incur additional debt while loan is in progress
- Apply for new credit during the application process
- Change employment while loan is in process or prior to closing
- Transfer funds between depositories without keeping detailed records
- Make any large purchases during the loan process
- Procrastinate providing information when requested
