What to know about your finances while your home financing is underway.
Once your mortgage is underway, it’s important to keep your financial picture as consistent as possible until your loan is closed. Your financing is evaluated using information about your income, employment, credit, debts and assets. Anything that affects those areas can also affect your loan.
Before doing anything that could affect your finances, employment or credit, talk with your Mortgage Advisor. They can help you understand how it may affect your financing and what you need to do next.
Do not open new lines of credit, take on new debt or make large purchases before your loan has closed. This includes opening a new credit card, financing a vehicle, taking out a personal loan, or financing furniture or appliances.
New credit or debt can add monthly payments or affect your credit profile, while large purchases can reduce funds you need for closing. Your credit will be reviewed again before closing.
If you need to take on new debt or make a large purchase before your loan has closed, talk with your Mortgage Advisor first.
Your employment and income are important parts of your mortgage qualification and will be reviewed before closing.
If you’re considering a new job, a different compensation structure or anything else that could affect your employment or income, talk with your Mortgage Advisor first.
If something happens unexpectedly, let us know right away. It doesn’t automatically mean your financing can’t move forward. We need to understand what happened and how it affects your loan.
Your assets will be evaluated as part of your financing, particularly funds being used for your down payment, closing costs or required reserves.
Do not make deposits, withdrawals or transfers involving funds connected to your financing without first talking with your Mortgage Advisor. Keep documentation related to those transactions in case additional information is needed.
Continue paying your bills on time and keep your credit activity consistent until your loan has closed.
Do not open or close credit accounts or increase your balances before closing. If you need to do something that could affect your credit, talk with your Mortgage Advisor first.
Life continues while your mortgage is underway. Jobs shift. Cars need to be replaced. Unexpected expenses happen. Life doesn’t always go according to plan.
Tell us as soon as possible.
It doesn’t automatically mean your mortgage can’t move forward. The sooner your Mortgage Advisor knows what happened, the sooner we can determine how it affects your financing and help you understand what comes next.
Your Mortgage Advisor is here to help you protect your financing and keep your next move on track.
