Do’s and Don’ts of the Mortgage Process
New American Funding is dedicated to making the mortgage process as easy as possible for qualified borrowers in most states. Listed below are helpful tips for that will make the mortgage closing process with New American Funding as smooth as possible.
What to do and remember for the mortgage closing process:
- Remember to bring a cashier’s check that is made payable to the title company for the amount of your closing costs
- You should notify New American Funding if:
- Your salary or other compensation changes from what has previously been documented on your loan application
- Your address changes from what has previously been documented on your loan application- a rental and mortgage verification will be completed for all previous residences
- You transfer funds from one account to another and provide records of such transactions
- You must share the agent’s name and phone number with your New American Funding Loan Officer at least 10 days before closing
- Copies of all checks
- Deposit slips
- Loan paperwork
- Forms to liquidate assets
What NOT to do for the mortgage closing process:
- Acquire any additional lines of credit or make any large purchases on existing credit without first consulting your New American Funding Loan Officer. Examples of this include:
- Purchasing a car
- Purchasing major new appliances for your future home
While it sounds tempting, these additional lines of credit and large purchases will have a negative impact on your debt-to-income ratios.
If any of the items listed above are unclear or you are uncertain about any procedures during the loan process, contact your New American Funding Loan Officer today.
To contact a loan expert, use the contact form to the right or call (512) 797-5580.