Mortgage Dos and Don’ts

Important Tips for Closing Your Mortgage

The following Austin mortgage “Dos” and “Don’ts” are essential to closing your loan on-time, without problems. Please read carefully and call today to discuss your home financing: (512) 710-1400 or email LeamanTeam@LoanPeople.com. If another lender has you in a bind, Leaman Team can fix the situation quickly.

DO the following actions to ensure a smooth mortgage:

• DO notify Leaman Team if your address changes from what appears on your loan application. As part of the loan process, Leaman Team will complete a rental and mortgage verification for all of your residences within the last two years.
• DO alert Leaman Team immediately if your salary or your co-borrower’s salary (or other compensation) changes from what is documented on your original loan application.
• DO keep documentation for all significant deposits to your bank accounts. Leaman Team will compile a copy of this”paper trail” with all necessary paperwork to prove a financial transaction: copies of all checks, loan paperwork, deposit slips, & forms to liquidate assets.
• DO report if you transfer funds from one bank account to another. Provide Leaman Team records for any such transfers.
• DO acquire homeowner’s insurance with minimum coverage equal to the amount of your total mortgage amount or the replacement value of the house.
• DO share your homeowner’s insurance agent’s name and phone number with Leaman Team at least 10 days before closing.
• DO verify that you have a clear termite inspection on the property being purchased. If the termite report is not clear, provide Leaman Team a receipt for treatment showing the chemicals and the amount used for treatment.

DON’T do the following actions to ensure a smooth mortgage:

• DON’T make any large purchases on existing credit without first consulting Leaman Team.
• DON’T acquire any additional lines of credit. For example, avoid purchasing a car or buying major appliances; these purchases will negatively impact your debt-to-income ratios and could disrupt your mortgage transaction.
• DON’T change jobs without consulting Leaman Team. Changes in compensation could affect your ability to qualify.
• DON’T co-sign for another person in order to obtain a line of credit or make a purchase. As a co-signer, this payment will show up on your credit report as an additional debt.

Please call Leaman Team today to discuss your home financing: (512) 710-1400 or email LeamanTeam@LoanPeople.com.