MWF Home Loan Trail Guide

Page 7

Do’s & Don’ts Do’s & Don’ts

Do’s & Don’ts While you have a loan in process

DO’S 1. Document large deposits or withdrawls with receipts and bank statements ($300 or more).

DON’TS 1. Don’t make any changes to your income or employment during your loan process.

2. Refrain from making “big-ticket” purchases 2. Limit the number of transfers of funds from during your loan process, these would institution to institution and keep clear include autos, boats, trailers, motor records (a “paper trail”) of such transfers. homes, large household electronics or appliances and large home furnishings; 3. Limit the number of credit inquiries during such purchases could affect your the loan process; multiple inquiries can income to debt ratios or negate your loan hurt your credit score. qualification. 4. Consider minimizing spending that might affect your credit score or your income to debt ratios

3. Don’t provide access to your social security number to anyone other than those involved with your loan process.

5. Make timely payments on existing accounts and financial obligations.

4. Don’t pull money out of your equity line of credit (if applicable).

6. Do respond to questions upon request.

5. Don’t make any major financial decisions without consulting a member of my team while your loan is in process.

7. Do submit necessary information upon request. 8. Do notify us if you leave town. 9. Do provide the most current and accurate information on all your documents and paperwork. 10. Contact your insurance agency if your loan process requires applying for a new or revised insurance policy.

6. Do not apply for more credit or close any a ccounts.


11. Do refer us to your family, friends, and co-workers.