There are particular requirements for loan guidelines during the mortgage process. Making any change could mean the difference between loan approval or loan denial. Here are some things we recommend buyers DO NOT do during the loan process:

 

DO NOT Not Deposit Cash | Cash stuffed in a mattress or buried in the backyard can present a challenge if deposited.  It is difficult to "prove the source" of cash, and the source of any large or unusual deposits must be verified. Discuss any casth with the loan officer.

DO NOT Make any large/Unusual Deposits Without The Knowledge Of The Loan Officer. Any large/unusual deposit will need to be documented from its source with a paper trail. Depending on the loan program requirements and circumstances, underwriters may question any deposit, even if it is not considered large or unusual .

DO NOT Quit A Job |  Employment may be verified up to the day of settlement.

DO NOT Make Large Purchases Or Apply For New Credit |  Credit monitoring will be done during the loan process. A loan may be impacted if monthly balances/payments are increased or new debt/loans are opened.

DO NOT Stop Making Timely Payments |  Falling behind on payments can impact a credit score, which may affect the loan.

DO NOT Spend Savings On Other Things |  Spending money put aside to purchase a home could lower available “reserves,” which can sometimes be required.

DO NOT Discard Pay Stubs Or Bank Statements |  Pay stubs and bank statements  are key documents for proof of employment, and proof of sufficient assets  They will be requested in the application process.

DO NOT Listen To The Mechanic, Dentist, Or Eye Doctor |  Would one take advice from their lender about their car, teeth or eyes? When expert mortgage advice is needed, contact Blue Sky Home Finance.