DO’s and Don’ts for Home Buyers

 

DO create a file and keep copies of all your important financial documents as you receive them – check stubs, W-2s, tax  returns, bank and investment account statements, rental agreements, etc. Do have them ready in case New American  Funding needs updated documentation for your file.

DON’T change jobs. If you have to change jobs, consult ahead of time with New American Funding. Your loan cannot fund  unless you are on the job we have verified for you.

DO wait to buy a new car, boat, or appliances until after your loan has funded.

DON’T apply for new credit or give your personal information to anyone else who might run your credit report. Credit inquiries may hurt your score, and will have to be explained to the underwriter.

DON’T make new purchases with your existing credit cards. The underwriter may require a back-up credit report in a long escrow; and you could lose your approval. If you must make a
major purchase, Do call me so we can go over the impact on your ratios.

DO If part of your down payment is a gift, have the donor give you the money as soon as possible. Do be sure you understand the necessary steps and documentation for gifts; and Don’t forget to follow all of them.

DON’T keep cash in a safe or in an overseas account if you plan to use these funds for your down payment. Do talk with me about how and when to get the money into your U.S. bank account.

DO let us know if you own other property (on Note or Deed).

DON’T make large deposits to your bank account unless you have to. Do save the documentation which shows where the money came from.

DO look for a homeowner’s insurance policy for your new home. Do consult with the insurer of your current home, your auto insurance agent, and others to get quotes. Do give the agent’s name and phone number to your escrow officer.

DO expect to receive calls and correspondence from at least
four different companies during the course of your escrow:
a. New American Funding
b. Your escrow and title company
c. Factual Data
Each of them has a different role to play in making sure your
beautiful new home is ready for you to move into on time and
on the terms you expect.

Have Questions? Feel Free to Email us at Teamjbrown@nafinc.com or Call or Text 714. 494.5322

 

By |2019-04-11T17:09:30+00:00March 14th, 2019|Home Buying, Home Mortgage, Mortgage Tips|0 Comments