Stay on track during the home loan process with these Do's and Don'ts!

While the mortgage process may seem intricate, having a clear roadmap can make all the difference. Let's dive into these guidelines to set you on the path to successful homeownership.

Do's during the home loan process:

Limit New Credit Inquiries

Our team might review your credit report close to the closing date to inspect recent financial activities. Ensure your recent credit behavior doesn’t raise any red flags.

Keep All Your Deposit Receipts

Always provide receipts for earnest money deposits, whether from your personal account or gift funds. Remember, gift funds follow specific criteria, so it’s crucial to get clarity based on your circumstances.

Organize Your Loan Documents

Maintain a systematic record of documents related to income, employment, and other financial obligations. Have your W2s, tax returns, bank statements, and pay stubs readily available.

Ask Your Loan Officer Questions

Your Loan Officer is here to guide and answer all your queries throughout the process. We’re here to help!

Keep Steady Employment and Income

Exhibit consistency in your employment and income throughout the application phase. Avoid major changes, though increments and promotions are welcome exceptions!

Keep a Strong Savings Habit

In addition to earnest money and closing costs, please remember that post-purchase expenses, such as furniture and appliances, can also impact your financial situation. It’s important to emphasize savings as a part of a smart financial strategy during this time.

Don'ts during the home loan process:

Keep Your Bank Accounts Stable

Consult with Fellowship Home Loans before opening, closing, or transferring funds between accounts. Such changes could inadvertently cause loan origination delays.

Don't Switch Jobs Before Closing

While you can change jobs, inform your loan officer promptly as this could influence your qualification and the documentation process.

Don't Make Major Purchases

Resist the allure of acquiring new furniture, vehicles, or home appliances during this phase. Such expenditures could impact your savings and credit profile.

Don't Navigate Your Loan Alone

Don’t go it alone! Always be transparent about all financial obligations on your mortgage application and maintain open communication with your FHL Loan Officer.

Avoid Large Unexplained Deposits

Prior to making irregular deposits, particularly in cash, it’s advisable to consult with your FHL Loan Officer to gain a clear understanding of the documentation needed to verify the source of these funds.

Don't Open New Credit Lines

Refrain from opening or closing credit lines, co-signing loans, or making significant credit card expenditures.

Do's and Don'ts for a Smooth Mortgage

Mortgage Do's & Don'ts