Your credit history, outstanding debts, and financial obligations can affect your mortgage qualification. Before taking on new debt or making a major purchase, check with us to understand the potential impact.

Do:

• Continue making your existing payments on time.
• Review your credit information and let us know if you notice an error or unexpected change.
• Contact us before applying for new credit or taking on additional debt.

Don’t:

• Open new credit cards or take out a car loan without discussing it with us first.
• Make major purchases that could affect your available funds or debt-to-income ratio.
• Assume that a new credit inquiry or a change in your credit accounts won’t affect your application.

For more information, visit our Credit Score Overview.

During the mortgage process, we may need to verify the source of your funds and document transactions shown on your bank statements. Keeping clear records can help avoid unnecessary delays.

Do:

• Keep statements and records for your financial accounts.
• Let us know if you’re receiving gift funds or money from another source for your down payment or closing costs.
• Ask us how to document large deposits or transfers before moving the money.

Don’t:

• Deposit large amounts of cash without first discussing the source and documentation with us.
• Move substantial funds between accounts without keeping a clear record of the transfers.
• Close accounts or borrow money to cover your purchase costs without checking with us first.

Some transfers, gifts, and other sources of funds may be acceptable when properly documented. We’ll help you understand what’s needed for your specific loan.

Learn more about Mortgage Gift Funds and review our Mortgage Document Checklist.

our employment and income information may be reviewed during the mortgage process. Changes can affect how income is calculated or whether additional documentation is needed.

Do:

• Let us know if you’re considering a new job, promotion, change in pay, or change in employment status.
• Contact us before making a significant employment or compensation change so we can explain what documentation may be required.

Don’t:

• Assume that a higher-paying job or an internal transfer will have no effect on your loan.
• Make a major employment change without discussing the timing and details with us first.
• Wait until the last minute to tell us about a change that could affect your application.

Changes in employment or compensation don’t automatically mean you won’t qualify. The impact depends on your circumstances and the applicable lending requirements.

Mortgage approval involves reviewing and verifying your financial information. We may need updated documents or clarification as your loan progresses, so responding promptly can help keep things moving.

Do:

• Complete every section of your online mortgage application accurately.
• Respond promptly when we request documents or additional information.
• Tell us about significant changes to your finances before they happen.

Don’t:

• Ignore requests for information or assume that pre-approval means no further review is needed.
• Make significant financial decisions related to your home purchase without first understanding their potential impact on your loan.

For an overview of what happens after your purchase contract is signed, visit our Mortgage Loan Process guide.

You don’t need to put your life on hold while applying for a mortgage. The important thing is to let us know about significant changes before you make them. We can help you understand what may affect your loan and what documentation may be needed.

If you’re just getting started, learn more about how to qualify for a mortgage.