We've said this before but it really bears repeating. Pay close attention and your road to mortgage financing and refinancing will go a lot smoother!

If you've been approved for a mortgage it generally means you've got great credit and that lenders are eager to loan you the funds necessary to purchase or refinance your home!

Now all you have to do is...


Although you may have gone through this before, the mortgage financing arena has changed quite radically over the past few years and, as a result, mortgage lenders are bound by the NYS Banking Department, the Department of Housing and Urban Development, Fannie Mae and Freddie Mac to follow more rules and regulations. Although we will do our best to make sure the process is smooth, there are a few things you need to be prepared for.

  • Deposits over $500 are questioned.
  • Tax Returns for the calendar year must be filed.
  • Bring 2 years of Tax Returns if you have any unreimbursed business expenses.
  • Don't deposit Gift Monies until after Application.

SIT TIGHT and DON'T do the following:

  • DON'T apply for a new credit card or line of credit (this includes going to a furniture store and buying furniture for your new home and using the "2 Years Same As Cash" option)
  • DON'T make any large purchases - like a car, flat screen TV, or appliances.
  • DON'T run up the credit you already have!
  • DON'T change jobs or quit your job or otherwise change your employment
    circumstances without informing your Loan Officer.
  • DON'T spend any money that is set aside for closing costs.
  • DON'T allow anyone to pull your credit report or go on-line and check it yourself.
  • DON'T change or close any bank accounts.
  • DON'T co-sign a loan for anyone.
  • DON'T make any late payments, pay all bills when due.
  • DON'T make any large deposits or withdrawals to or from your:
    • Checking account(s) * Savings account(s) * Retirement account(s)

Such transactions will require that we "follow the paper trail" and may result in you having to submit more or updated bank and/or account statements.

Any of these DON'Ts could result in a change in your credit score which could result in an increase in your mortgage rate!