Dos and Don'ts during the Mortgage Process

Do:

• Ask questions and be informed.
• Provide photocopies of all requested documentation in a timely fashion.
• Keep your file current with the most recent copies of your pay stubs & bank statements.
• Continue to make all payments on credit cards, loans and rental or mortgage accounts as agreed.
• Maintain a paperwork trail on everything connected to your application. A good place to store this is the document folder provided to you at application.
• Provide a copy of your pre-qualification or commitment letter and your Mortgage Loan Officer's contact information to your Realtor, if you're purchasing.
• Ask the real estate agents/seller if the property is located in a flood zone. If it is, you may be required to obtain flood insurance coverage as a condition of your loan.
• Consider the merits of having home inspections conducted/required as part of your purchase contract.
• Consider negotiating a "Homebuyer Warranty" as part of purchase offer (existing homes).
• Obtain a legible and fully executed copy (signed by all parties) of your purchase contract.
• Make a copy of your escrow deposit check provided with your contract offer & provide evidence that it has been cashed/deposited by the escrow/closing agent.
• Arrange for a homeowner's insurance coverage binder on your home effective on the date of your closing. This is normally done after receipt of the appraisal.

Don't

• Don't apply or take out new credit cards, auto or personal loans or have new credit inquires in your credit bureau file during the course of your loan process and closing.
• Don't make any large unverifiable & undocumented deposits or withdrawals to your checking or savings account.
• Don't quit your job or change employment.
• Don't write any insufficient fund checks (NSF).
• Don't take any cash advances on credit cards to pay for your escrow deposit.
• Don't withhold payments to accounts to be paid off in closing without first discussing it with your Mortgage Loan Officer.
• Don't include any seller's personal property (furniture, machinery, etc.) in the purchase contract as only real estate is permissible.
• And most of all, don't hesitate to call Huntington if you have any questions or concerns at all during the loan process! We're here to help!