Do’s and don’ts during the mortgage process
At Huntington Bank, we want your home lending experience to go as smoothly as possible. So we’ve come up with a list of helpful tips based on our decades of experience helping people like you. Check out the do’s and don’ts and see how you can help make sure your loan is closed as quickly as possible.
Our mortgage process do’s:
- Ask questions and stay informed.
- Provide photocopies of all requested documentation in a timely fashion.
- Keep your file current with the most recent copies of your pay stubs and 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 prequalification or commitment letter and your mortgage loan officer’s contact information to your realtor, if you’re purchasing.
- Ask the real estate agent or 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 or required as part of your purchase contract.
- Consider negotiating a homebuyer warranty as part of purchase offer.
- 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 and provide evidence that it has been cashed or deposited by the 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.
Our mortgage process don’ts:
- Don’t apply or take out new credit cards, auto or personal loans, or have new credit inquires in your credit bureau file during your loan process and closing.
- Don’t make any large unverifiable and 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 in the purchase contract, like furniture or machinery, as only real estate is permissible.
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