Mortgage Do’s and Don’ts

Mortgage Do’s and Don’ts

Purchasing your home is one of the largest investments that you will make in your lifetime. At C&F Mortgage, we’re here to help you through the process and ensure that you’re successful. There are some important things to note as you go through the mortgage application process – check them out below!

Do

• Keep Records in Good Order
• Keep financial records nearby in case updates are requested.
• Hold onto pay stubs and tax transcripts, as underwriters use these to verify income information.
• Save incoming account statements for any assets.
• Any gift money will need to be accompanied by a gift letter (we’ll provide) and an account statement evidencing the source.
• If you’re renting, continue paying rent and save proof of payment. If you’re selling your current home, be prepared to show your Closing Disclosure. If you’ll be renting your home, you may need to show sufficient equity, a lease and receipt of the first month’s rent and security deposit.

Keep Your Credit Shiny
Continue making on-time payments. Your credit report may be pulled again, and any negative changes to your score can impact your mortgage pre-qualification status.

Understand Things Have Changed
Underwriters require more documentation now than in the past. Please be prepared to answer questions and provide necessary information, no matter how silly the request may seem!

Don’ts

Apply for New Credit
Changes in credit can cause delays, change terms of financing or even prevent closing.

Change Jobs
It’s best to avoid any career or status changes (such as moving from a salaried to a commissioned position, taking a leave of absence, etc.) while going through the mortgage process.

Make Undocumented Deposits
Primarily large, but sometimes even small deposits must be sourced. Make copies of checks and deposit slips.

Wait to Liquidate Funds from Stock or Retirement Accounts
If you need to sell investments, do it now and document the transaction. Don’t take the risk that the market could move against you, leaving you short of funds to close.

And finally, never be afraid to ask questions! If you’re uncertain about what you need or should do, we’re here to help you through the process from beginning to end. Please feel free to reach out anytime!

We’re focused on you!