Dos and Don’ts
Now that you’ve started the mortgage process…
Keep originals of all pay stubs, bank statements and other important financial documentation. Americana Mortgage Group is required to update any documents that are over 30-days old, prior to the closing of your mortgage. This applies even if your loan has already been approved.
Provide all documentation for the sale of your current home (i.e. sales contract, closing statement, employer relocation/buy-out program).
Notify your Processor if you plan to receive gift funds.
Notify your Processor of any employment changes (i.e.: change of employer, recent raise/promotion, change of pay status such as salary to commission scale, etc.)
Change jobs/employers without inquiring about the impact this change might have on the approval/approvability of your mortgage loan.
Make major purchases during the processing or prior to closing (i.e.: new car, furniture, appliances, electronics) as this may impact your qualification ratios. Please confer with your Processor to recalculate what your qualification ratios would be with any additional debt.
Obtain and/or deposit sums of money over $500 (other than your usual paycheck) without notifying your Processor. FNMA/HUD guidelines require documentation as to the source of these funds (i.e.: copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and deposit slips, etc.)
Close, open, deplete or transfer any asset accounts without asking your Processor what additional documentation is needed for your loan file (e.g. if you transfer all the funds in your stock account to your savings account, documentation is required).
Open or increase any liabilities—including credit cards, signature loans, etc. during the loan process. Please check with your Processor to see what, if any, documentation is required, and the impact this might have on qualifying for a loan.