AI ASSISTANT
Before You Make a Financial Move, Ask First
When you are in the mortgage process, the safest rule is simple: before you move money, open credit, close accounts, change jobs, make a large purchase, or sign anything that affects your finances, ask your mortgage professional first. A quick conversation can help prevent a major delay.
Need a quick explanation? The Manos Mortgage Assistant can help clarify mortgage terms, document requests, loan steps, and common questions while you prepare for closing.
Respond Quickly to Document Requests
When your loan officer or processor asks for documents, try to send them as quickly as possible. Delays in providing documents can slow down underwriting, closing, and final approval.
Ask Questions If Something Is Unclear
The mortgage process can feel confusing, especially if this is your first time buying a home. If you do not understand a request, number, document, or next step, ask your mortgage professional before guessing.
Keep Paying Your Bills on Time
Continue making all credit card, car loan, student loan, rent, mortgage, and other payments on time. Missed or late payments can affect your credit and may create problems during the approval process.
Keep Your Debt as Low as Possible
Try to avoid increasing your credit card balances or taking on new monthly payments during the mortgage process. Your debt-to-income ratio is an important part of mortgage approval.
Tell Your Loan Officer About Credit Issues
If there are late payments, collections, disputes, charge-offs, or other credit issues, be upfront. Some issues can be explained or documented, but surprises can cause delays.
Tell Your Loan Officer If You Are Receiving Gift Funds
If a family member or eligible donor is helping with your down payment or closing costs, tell your loan officer early. Gift funds usually need to be documented properly with a gift letter and proof of transfer.
Notify Your Loan Officer About Job Changes
If your employment, income, hours, role, pay structure, or employer changes during the loan process, let your loan officer know immediately.
Choose Homeowners Insurance Early
You will usually need homeowners insurance before closing. Start researching insurance options early, compare coverage and pricing, and choose a policy in time so it does not delay your closing.
Keep Copies of Important Financial Documents
Save your bank statements, pay stubs, W-2s, tax returns, retirement account statements, and any other documents related to your mortgage approval. This
Keep Your Money in the Same Accounts
Try to avoid moving money around between accounts unless your loan officer says it is okay. Transfers between accounts may need to be documented and explained, which can create extra steps during the mortgage process.
Document Large Deposits
If you receive a large deposit, be ready to explain where it came from. Lenders may need proof that the money is from an acceptable source, so it is important to keep records of transfers, gifts, payroll deposits, or other large deposits.
Stay in Communication With Your Mortgage Team
Check your email, voicemail, and text messages regularly during the loan process. Quick communication can help prevent delays, especially when your mortgage team needs something from you before closing.
Review Your Loan Estimate Carefully
Your Loan Estimate shows important details such as your estimated rate, monthly payment, closing costs, and cash to close. Review it and ask questions if anything looks unclear.
Review Your Closing Disclosure Before Closing
Your Closing Disclosure shows your final loan terms and closing numbers. Compare it to your Loan Estimate and ask about any changes before signing.
Tell Your Loan Officer Before Making Any Financial Moves
Before paying off debt, moving money, changing jobs, opening accounts, or making major purchases, check with your mortgage professional first.
Mortgage Do’s
Let’s Make Sure You Stay on Track
The time before closing can move quickly, and it is easy to overlook something that matters. Whether you are reviewing a request, planning a purchase, or simply unsure about your next step, Manos Mortgage can help you move forward with clarity and avoid unnecessary surprises.
Don’t Apply for New Credit
Do not apply for new credit cards, personal loans, auto loans, store financing, or other credit before closing. New credit inquiries and new debt can affect your loan.
Don’t Co-Sign for Anyone
Co-signing makes you responsible for someone else’s debt. Even if you are not the person making the payment, that debt may still be counted against you during mortgage approval and could affect how much you qualify for.
Don’t Max Out or Heavily Use Credit Cards
Higher credit card balances can lower your credit score and increase your debt-to-income ratio. Try to keep your credit card usage stable and avoid making large charges before closing.
Don’t Miss Payments
Do not let any payments become late during the mortgage process. Late payments can seriously affect your credit, create new underwriting concerns, and may put your mortgage approval at risk.
Don’t Spend Your Down Payment or Closing Cost Money
Keep the money needed for your down payment, closing costs, and reserves available. Spending these funds before closing can create problems
Don’t Pay Off Debt Without Asking First
Paying off debt is not always the best move during the mortgage process. Sometimes it helps, but sometimes it can create sourcing issues or reduce the cash needed for closing. Ask your loan officer first.
Don’t Make Cash Deposits
Cash deposits can be difficult for lenders to document and may not be usable for mortgage qualification. If you have cash you want to deposit, speak with your loan officer first to help avoid creating unnecessary underwriting issues.
Don’t Open or Close Bank Accounts
Opening new accounts can create extra documentation requirements, and closing accounts can make it harder to document your assets, deposits, and transaction history.
Don’t Move Large Amounts of Money Without Guidance
Transfers between accounts may need to be explained and documented. Before moving money, ask your mortgage team
Don’t Ignore Requests From Underwriting
Underwriting may ask for additional documents, explanations, or updated information during the loan process. This is normal and does not always mean something is wrong. Ignoring these requests can delay your closing.
Don’t Assume You Are Fully Approved Until Clear to Close
A pre-approval or conditional approval is not the same as final approval. Your loan still has to go through underwriting and final review.
Don’t Deposit Borrowed Money Without Approval
Personal loans, undocumented funds, or borrowed money may not be acceptable for your down payment or closing costs.
Don’t Dispute Credit Accounts Without Guidance
Credit disputes can affect underwriting and may need to be removed or resolved before closing. Speak with your loan officer first.
Don’t Schedule Movers Too Early
Before giving notice to your landlord, scheduling movers, or making firm plans, coordinate with your loan officer and real estate agent first. Closing dates can shift, so it is best to wait until your mortgage team confirms the timing is safe.
Don’t Make Unexplained Payment App Transfers
Venmo, Zelle, Cash App, or other payment app transfers may need to be documented. Keep your accounts clean and easy to explain during the mortgage process.
Don’t Make Purchase Contract Changes Without Telling Your Loan Officer
Seller credits, price changes, repair credits, closing date changes, and addendums can affect the loan. Make sure your mortgage team receives updates right away.
Don’t Assume Online Mortgage Advice Applies to Your Exact Situation
Loan rules depend on your credit, income, assets, property type, loan program, state, and lender guidelines. Always get personalized guidance.
Mortgage Dont’s
Don’t Change Jobs Without Speaking to Your Loan Officer
Changing employment, switching industries, becoming self-employed, or changing your pay structure can affect your approval. Always speak with your loan officer first.
Don’t Make Large Purchases
Avoid buying furniture, appliances, cars, electronics, or other expensive items before closing. Large purchases can increase debt, reduce assets, or change your approval.
Mortgage Do’s
Respond quickly to document requests
Ask questions before guessing
Keep paying bills on time
Keep debt as low as possible
Document large deposits
Review your Loan Estimate
Review your Closing Disclosure
Stay in communication with your mortgage team
Ask before making financial changes
Mortgage Dont’s
Apply for new credit
Finance furniture or a car
Co-sign a loan
Change jobs without guidance
Make large cash deposits
Move money unnecessarily
Ignore underwriting requests
Spend your closing cost funds
Assume you are fully approved before clear to close
Your Quick Checklist
Use this quick checklist before making financial decisions during the mortgage process.
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