Do's:

• Bring a cashier's check made payable to the title company if your amount due is over $1500.
• Notify your lender if your salary or other compensation changes from what is noted on your loan application.
• Inform your lender if your address changes from what appears on the original loan application.  They will complete rental or mortgage verification within the last two years.
• Obtain homeowners insurance with minimum coverage equal to the amount of your total loan, or the replacement value of the house.  Call your lender with your agent's name and phone number at least 10 days prior to closing.
• Keep documentation (or a paper trail) on any large deposits into your account.  A paper trail is composed of the copies of all peperwork necessary to prove a financial transaction: copies of all checks, deposits slips, loan paperwork, forms to liquidate assets, etc.
• Notify your lender if you move funds from one account to another.  Provide a paper trail on transactions.
• Make sure you have a clear termite report on the property if you are doing an FHA or VA loan (for conventional loans and alternate loans, this is optional).  If the termite report is not clear, provide a receipt for treatment that shows the chemicals and the amount used for the treatment.

What NOT to do:

• Acquire any additional credit lines, make any large purchases on existing credit, or transfer any credit card balances without first consulting your lender.  For example, purchasing a car, or buying appliances for your new home will change your debt-to-income ratios.
• Change jobs without consulting your lender.  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.  Lender may verify employment on teh day of closing as a quality control check.
• 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.
• Negotiate your contract without talking to your loan officer first.
• 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.

                                                                  -WR Starkey Mortgage