Note: Underwriters may request additional information near the final days of closing.
- Do save every paycheck and all pages of bank statements throughout the process
- Do run all monies through your checking and savings accounts
- Do pay-off outstanding credit accounts immediately, and keep documentation
- Do document all irregular deposits into your checking or savings account
- Do keep all financial documentation available in case you may need them again
- Do obtain proof your gift came from the donor (copy of donor’s account statement and
- check). Use Gift Letter form.
- Do obtain gift funds at least 2 month before closing
- Do provide all pages of your bank statements
- Do return your initial disclosures to Your Mortgage Company immediately
- Do document any liquidation of stocks, savings bonds, 401K loans
- Don’t make any job changes with out notifying Your Mortgage Company
- Don’t cash your paychecks (deposit paychecks into your accounts)
- Don’t wait to pay off any outstanding credit accounts
- Don’t close major credit cards until after closing.
- Don’t throw away any documentation until process is over
- Don’t trade in or buy a new car without notifying Your Mortgage Company
- Don’t give earnest money in the form of cashiers check (unless it runs through your
- bank account or you keep a copy of it)
- Don’t open any new credit accounts without talking with Your Mortgage Company
- Don’t wait until the last minute to provide documentation to Your Mortgage Company
- Don’t borrow money for your down payment
- Don’t give earnest money in the form of cash
- Don’t save money outside of your checking or savings accounts
If you’re concerned about your homeowners’ insurance coverage, shopping for a new policy, or just need some referrals to great and experienced lenders/realtors to help you through the home buying process the professionals at the Scottsdale or Phoenix offices of Summit Insurance Advisors can provide the information you’re seeking. Call 480-214-3544 or 866-711-5973 to speak to one of our agents today.
**The agents at Summit Insurance Advisors can review the quotes you received from other agents/ carriers and help you decide if it is really worth switching or not. Summit Insurance always wants your business but we are here to makes sure you do what is best for you and not just us!