Dos and Don’ts of the Mortgage Process
Do not:
- Make any large purchases before your loan is funded
- Move money around from account to account without first letting us know
- Get your final closing cashier’s check from an account other than the one we have documentation for
- Lend anyone money without first talking to us
- Reduce your work hours during the approval process
- Be late on any payments for credit cards, rent, installment loans or mortgages
- Quit your job or start a new job without first discussing with us
- Close any accounts reporting on your credit report
- Co-sign on a loan during the approval process
- Make deposits which cannot be documented with a paper trail
- Argue the merits of documentation we request (without it we cannot approve your loan)
- Go on vacation before your loan closes and if possible do not go on vacation while your loan is in process unless
- you can continue to communicate and respond to requests.
- Apply for new credit other than your mortgage
Do’s:
- Get preapproved before you start actively shopping for a home
- Communicate in a timely manner to lender requests
- Let us know how we are doing. If there is something we can do better, we want to know.
Let us know your goals for down payment, cash to close, total payment so we can structure your loan with those things in mind.
Canopy Mortgage, LLC | 360 Technology Court, Suite 200 Lindon, UT 84042 | (877) 426-5500 | NMLS Consumer Access #:1359687. All loans subject to credit and property approval.