The Do's and Don'ts
A list of helpful tips
Whether you're purchasing or refinancing, here are a few important things to know. Please feel free to call any team member of the Gina Myers Team with any questions.
Do, Save, and Provide
- Stay current on all existing credit accounts
- Continue making your mortgage or rent payments on time
- Provide most current pay stubs covering 30 days, the last 2 year's federal tax returns (all pages, all schedules, 2 years W-2s/1099s and other income documentation
- Include all sources of income including base pay, overtime, bonuses, retirement pay, child/spousal support
- Provide a complete 2 year residence and employment history
- Most recent asset statements including: bank, brokerage, mutual funds and retirement accounts.
- Source of non-payroll deposited into your bank account
- Evidence of 60 days seasoned, liquid assets for funds to close
- Gift fund documentation including proof of donor's ability to gift, gift letter, copy of gift check and proof of gift deposit
- Explanations for any (current/pending) derogatory credit, judgements, or liens
- Divorce decree, separation agreement, property settlement agreement, if applicable
- Copy of current lease and mortgage statements on any investment properties
- Copy of DD 214 or Statement of Service from your commanding officer (stating rank, position and that you are in good standing) for VA loans
- Know that funds for closing need to be a certified check or wire
Don't Before or During the Loan Process
- Open any new credit cards or increase credit balances
- Close any credit card accounts
- Dispute or close any items on your credit report
- Forget to make your payments on time
- Take any credit card advance
- Make unnecessary banking transfers
- Make any major purchases such as a car, boat, furniture, jewelry, etc.
- Start new home improvements projects until after closing