Home Loan Check List

The Home Loan Check List will help make life easier during the loan process, your credit, income and asset situation is critical to maintain. Here are guidelines to follow once you have decided to start the process to find and buy a home from a friend who works with Texas based VA home loan experts. Following these guidelines will make the process easy and less stressful.

Things To Do

• Do Stay current on all existing credit accounts, make those payments on time
• Do Continue to use your existing credit cards as normal but without large purchases. Purchases for Furniture, TV’s etc need to wait until after the loan has funded and closed.
• Do Provide all documents requested upfront and keep all original pay stubs, bank statements, tax returns and other financial documentation handy as you receive it. You will be required to update your loan file during the process
• Do Notify us if you’re planning on receiving any gift funds for the down payment or closing costs
• Do Notify us if you have any financial expenditure that may occur during this process that will lower your assets
• Do Notify us if you have any upcoming employment changes, raises, promotions change in pay structure, etc.
• Do Notify us if you are going on vacation at any time during the process
• Do Respond promptly to all request to provide documentation, sign documents and answer questions etc.
• Do Be flexible and make yourself available for to fill out applications, escrow documents, provide paperwork, scheduke home inspection and your closing appointment to sign loan documents.

Things Not To Do

• Don’t Apply for any new credit, open any new credit accounts or close any current ones
• Don’t Make any large purchases on your credit accounts or increase your spending on your current credit account’s
• Don’t Co-sign for anyone else for a home or car loan or any other type of debt
• Don’t Dispute any items in your credit report before or during loan process disputed accounts can alter your credit score. Let’s discuss those items ahead of time for the best plan of action to deal with them.
• Don’t Pay off any collections or charge-offs on your credit report unless advised by a credit professional or your mortgage consultant. This may re-activate these accounts by taking action and may negatively alter your score
• Don’t Make any type of employment or compensation changes. If you believe this may be an issue, let’s discuss the best options to try and keep your loan qualifications intact.
• Don’t Close any current bank accounts, open any new bank accounts, or move money around between accounts
• Don’t Deposit any cash into your bank account without contacting your mortgage consultant to discuss requirements documentation whether or not it will be accepted as funds for closing

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