THE TEN COMMANDMENTS

OF BUYING A HOME WITH A MORTGAGE LOAN IN ARIZONA

Your credit, income and asset situation is critical to maintain during the loan process. Here are the basic 10 Commandments to follow once you have decided to buy a home. Our goal is YOUR successful closing!

1. Thou shalt not change jobs, become self-employed or quit your job.
2. Thou shalt not buy a car, truck or van (or you may be living in it)!
3. Thou shalt not use charge cards excessively or let your accounts fall behind.
4. Thou shalt not spend money you have set aside for closing.
5. Thou shalt not omit debts or liabilities from your loan application
6. Thou shalt not buy furniture.
7. Thou shalt not originate any inquiries into your credit.
8. Thou shalt not make large deposits without first checking with your loan officer.
9. Thou shalt not change bank accounts.
10. Thou shalt not co-sign a loan for anyone.

Here are some helpful “Do’s” to follow as well.

DO…stay current on all existing credit accounts – make those payments ON TIME!

DO …continue using your existing credit as normal – but without large purchases. Any large comes up, talk to your loan officer first so they can advise you the best way to handle it without jeopardizing your home purchase.

DO ….provide all documents requested up front. Keep all original paystubs, bank statements, tax returns and other financial documentation handy as you receive it. You may be required to update your loan file throughout the process. Communication is critical.

DO ….notify us if you are planning on receiving any gift funds for the down payment or closing costs. Communication is critical.

DO …notify us if you have any financial expenditures coming up during our loan process. Communication is critical.

DO …notify us if you have any upcoming employment changes, raises, promotions, positive or negative change in pay structure, etc… Communication is critical.

DO …respond promptly to all requests to provide documentation, sign documents, answer questions, etc… Communication is critical.

DO …notify us if you are going on vacation at any time during the process. Communication is critical.

DO …be flexible and make yourself available. Communication is critical.

If you decide to shop lenders, I still recommend trying Cheryl Barber at 520-560-2109 or Email: cbarber@homebridge.com

 

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