Dos and Don'ts during the Mortgage Process
At Huntington, we want the mortgage process to go as smoothly as possible for you. So we've come up with this list of helpful tips, based on our many years of experience helping people like you. By following the Dos - and avoiding the Don'ts - you can help make sure your loan is closed as quickly as possible:
- Ask questions and be informed.
- Provide photocopies of all requested documentation in a timely fashion.
- Keep your file current with the most recent copies of your pay stubs & bank statements.
- Continue to make all payments on credit cards, loans and rental or mortgage accounts as agreed.
- Maintain a paperwork trail on everything connected to your application. A good place to store this is the document folder provided to you at application.
- Provide a copy of your pre-qualification or commitment letter and your Mortgage Loan Officer's contact information to your Realtor, if you're purchasing.
- Ask the real estate agents/seller if the property is located in a flood zone. If it is, you may be required to obtain flood insurance coverage as a condition of your loan.
- Consider the merits of having home inspections conducted/required as part of your purchase contract.
- Consider negotiating a "Homebuyer Warranty" as part of purchase offer (existing homes).
- Obtain a legible and fully executed copy (signed by all parties) of your purchase contract.
- Make a copy of your escrow deposit check provided with your contract offer & provide evidence that it has been cashed/deposited by the escrow/closing agent.
- Arrange for a homeowner's insurance coverage binder on your home effective on the date of your closing. This is normally done after receipt of the appraisal.
- Don't apply or take out new credit cards, auto or personal loans or have new credit inquires in your credit bureau file during the course of your loan process and closing.
- Don't make any large unverifiable & undocumented deposits or withdrawals to your checking or savings account.
- Don't quit your job or change employment.
- Don't write any insufficient fund checks (NSF).
- Don't take any cash advances on credit cards to pay for your escrow deposit.
- Don't withhold payments to accounts to be paid off in closing without first discussing it with your Mortgage Loan Officer.
- Don't include any seller's personal property (furniture, machinery, etc.) in the purchase contract as only real estate is permissible.
- And most of all, don't hesitate to call Huntington if you have any questions or concerns at all during the loan process! We're here to help!
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