Every buyer wants their mortgage closing to be simple and stress-free when purchasing a home. While it may not always feel like it, between your loan processor’s requests for your 2014 Schedule E and Page 6 of October’s bank statement, lenders also want the same thing. This 3-Part Series explores the Do’s and the Don’ts for buyers during their mortgage loan application process. The last part of the series will include a pretty comprehensive Document Checklist. While no single list can completely cover all types of loans, following our advice during your mortgage loan application process will help to close your loan faster, allow you to sleep better at night and help your loan officer give you the best service possible.

DO Keep originals or be able to access your employer/bank sites for all paystubs, bank statements and other important financial documents.

DO Provide your earnest money deposit from your own personal bank account or acceptable gift funds. Please talk to your loan officer or loan coordinator for additional clarification. This will present a very difficult problem if not managed properly from the beginning.

DO Provide all documentation for the sale of your current home, including sales contract, closing statement and employer relocation/buy-out program, if applicable.

DO Notify your loan officer or loan coordinator if you plan to receive gift funds for closing. Gift funds are acceptable only if certain criteria are met. Advances from credit cards for down payment and/or closing costs are never acceptable.

DO Notify your loan officer or loan coordinator of any employment changes such as a recent raise, promotion, transfer or change in pay status, for example, salary to commission.

DO Be aware that a new credit report could be pulled just prior to closing.

We hope you found this post to be helpful, informative and interesting … Watch for our next BLOG POST on March 24th as we continue this series. To learn more about Tampa Bay area homes for sale in Spring Hill and Brooksville, located in Hernando County, Florida, visit us www.GailSellsFloridaHomes.com.

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