Do’s and Don’ts of the Mortgage Process
5 Days prior to your closing we are required to pull a ‘credit refresh’ report. This action will not impact your credit scores but will alert us if you have applied for any new credit, created any new debt or increased any existing debt. It is possible that any changes in your credit profile could impact your ability to close on your new mortgage, so please follow these financing rules.
Between today and your closing
- Do not apply for any new credit.
- Do not make any large purchases with existing credit.
- Do not open any new credit cards.
- Do not co-sign any new debt for another consumer, including a lease agreement.
In addition to maintaining your credit
- Document any transfer of funds between your accounts.
- Document any deposits into your accounts in any amount that exceeds 25% of your gross monthly income. If unsure, please contact me.
Be sure to let us know immediately if there are any changes to your financial status such as job changes, income or asset changes or anything else you can think of that we should know about. We are partners in this process, and the key to a successful closing is open and honest communication!
For more information about the mortgage process and how it works click here: (5 steps)
Thank you for choosing Fairway, we happy to be working with you.