Ensure a smooth home loan process

Mortgage Do's & Don'ts

Stay on track during the home loan process with these Do's and Don'ts!
While the mortgage process may seem intricate, having a clear roadmap can make all the difference. Let's dive into these guidelines to set you on the path to successful homeownership.
Do's during the home loan process:

Be Aware of Credit Inquiries

Our team might review your credit report close to the closing date to inspect recent financial activities. Ensure your recent credit behavior doesn’t raise any red flags.

Retain Deposit Receipts

Always provide receipts for earnest money deposits, whether from your personal account or gift funds. Remember, gift funds follow specific criteria, so it’s crucial to get clarity based on your circumstances.

Organize Your Documentation

Maintain a systematic record of documents related to income, employment, and other financial obligations. Have your W2s, tax returns, bank statements, and pay stubs readily available.

Engage and Ask

Your NMB Loan Officer is here to guide and answer all your queries throughout the process. We’re here to help!

Steady Employment and Income

Exhibit consistency in your employment and income throughout the application phase. Avoid major changes, though increments and promotions are welcome exceptions!

Embrace a Savings Mindset

In addition to earnest money and closing costs, please remember that post-purchase expenses, such as furniture and appliances, can also impact your financial situation. It’s important to emphasize savings as a part of a smart financial strategy during this time.

Don'ts during the home loan process:

Bank Accounts

Consult with NMB before opening, closing, or transferring funds between accounts. Such changes could inadvertently cause loan origination delays.

Switch Jobs or Employment Details

While you can change jobs, inform your loan officer promptly as this could influence your qualification and the documentation process.

Splurge on Major Purchases

Resist the allure of acquiring new furniture, vehicles, or home appliances during this phase. Such expenditures could impact your savings and credit profile.

Avoid Going Solo

Don’t go it alone! Always be transparent about all financial obligations on your mortgage application and maintain open communication with your NMB Loan Officer.

Large Bank Deposits

Prior to making irregular deposits, particularly in cash, it’s advisable to consult with your NMB Loan Officer to gain a clear understanding of the documentation needed to verify the source of these funds.

Initiate New Credit Activities

Refrain from opening or closing credit lines, co-signing loans, or making significant credit card expenditures.

Ready to learn more about the mortgage process or explore your options? Get started today!