Mortgage Do’s & Don’ts

Key Things to Avoid:

• Making large, undocumented deposits into your bank accounts

• Opening new credit cards or taking on additional debt

• Depositing cash without proper documentation (cash should be deposited and "seasoned" for 90 days before application)

• Changing jobs during the loan process

Recommended Actions:

• Submit requested documentation promptly (ideally within 24 hours)

• Consolidate all funds for your home purchase into one account, keeping transfer records

• Maintain detailed records of all deposits and transfers

• Keep recent paystubs readily available

Documentation Tips:

If you plan to use cash savings, deposit them at least 90 days before applying. Otherwise, you'll need to provide detailed documentation of the money's source or use funds from an approved alternative source.

Remember: Consistent employment, careful money management, and thorough documentation are key to a successful mortgage application.