Do's and Don'ts

Things to Remember During the Loan Process:

 

TO DO

  • Do keep originals of everything. You will be required to submit many important documents with your loan application. Make copies of your documents and keep the originals of all pay stubs, bank statements, and other important documents.
  • Do keep updated paystubs, bank statements and other important documents. Inspire Home Loans may request updated copies of all documents prior to the close of your home loan. Don’t pack these away!
  • Do keep your money where it is. It is best to leave your money where it is until your loan is closed. Moving your money to a new bank or even a new account can impact the loan verification process. 
  • Do notify your Loan Officer if you have any employment changes, receive a raise or a bonus, transfer, change pay status, etc.
  • Do make timely payments. Pay your mortgage payment and other bills on time.

 

NOT TO DO

  • Don’t make major purchases prior to the close of your home loan. Many borrowers make the mistake of buying a new car, furniture, or other major purchases without realizing the impact it can have on their ability to buy a home. A large monthly payment can affect your loan approval or even your closing. Please contact your Loan Officer to find out if your desired purchases will affect your loan.
  • Don’t change jobs or employers without asking how your employment will affect your loan. Changing jobs during the loan process can make it difficult to qualify for your loan, especially if the job is in a different line of work or at a lower rate of pay. It can also create delays during the employment verification process of your loan.
  • Don’t obtain and/or deposit unusual sums of money without notifying your Loan Officer. You will be required to document the source of these funds (i.e., copy of tax refund, gift letter with a copy of the check and deposit slips, copy of a bonus check, etc.). Please notify your Loan Officer if you plan to receive gift funds to pay for your closing costs.
  • Don’t open. close or increase any liabilities. Opening a new credit card, increasing your debt and closing a credit card can have a negative impact on your loan process.