Simple Steps to a Seamless Closing
The Do’s
- Provide all documentation for the sale of your car, personal items, if any, current home, including sales contract, closing statement, employer relocation/buyout program if applicable.
- Keep all originals, and have access to all of your paystubs, bank statements and other important financial documents.
- Provide your Earnest Money Deposit from your own personal bank account or acceptable gift funds.
- Notify your Loan Originator if you plan to receive gift funds for closing.
- Notify your Loan Originator of any employment changes such as recent raises, promotion, transfer, change of pay status for example, salary to commission.
- Stay employed if employment income is used for loan approval.
- Save money to your account provided for verification of assets.
- Make timely payment on all current debt obligations, including any current mortgage, car, student loan or credit cards.
- Notify your Loan Officer of any loss of income.
- Notify Loan Officer of any depletion of funds needed to close.
- Notify Loan Officer of change of current address, phone number or email.
- Notify Loan Officer of any deposit you expect to make not related to your payroll, pension, SS or income tax refund.
- Notify Loan Officer if you expect to receive money from a relative or employer.
The Dont’s
- Close or open any bank accounts or transfer funds between accounts without receiving the correct documentation required for your loan.
- Change jobs/employers, without inquiring about the impact this change may have your loan.
- Deposit any monies outside of your payroll deposits, particularly cash or sale of personal property. Many guidelines require substantial documentation as to the source of these deposits.
- Open or increase any liabilities including credit cards, student loans or other lines of credit during the loan process.
- Make major purchases prior to or during your contract, such as a new car, furniture, appliances, tec. As this may impact your loan qualification.
- Advance any cash from credit cards or borrow funds for closing.
- Change your legal name.
- Take any unpaid time off.
- Schedule any vacation or time off for any reason if all possible before closing.
- Alter any documents in any way.
- Schedule any deliveries until the transaction has successfully closed.
