What to avoid when applying for a mortgage, and what you should do to a ensure a smooth process
- Do not make any “undocumented” large deposits into any bank accounts
- Do not open up ANY new debt accounts or applying for new credit lines
- Do not deposit any Cash on Hand. If Cash on Hand is to be used for transaction it should be deposited into an account and ideally “seasoned” for 90 days prior to application. If there isn’t enough time for money to season, you must “source” the funds or replace it with funds from an acceptable source.
- Do not leave your current job during the loan process
- Provide all requested documentation in a timely fashion (within 24 hours of request if possible).
- Move all money to be used for the transaction into one account and retain any transfer of funds documentation
- Keep all receipts, statements and records of bank all deposits and transfers
- Keep all recent paystubs on hand