Intro to Mortgages

Dos and Don’ts of the Mortgage Application Process

Jet Direct Mortgage

Before jumping right into the mortgage process, you should consider talking to a licensed mortgage professional. This is important because your decision can boomerang and become a great financial burden on you if not handled correctly. You must take note of the following Dos and Don’ts regarding a mortgage loan process.


  • Always keep a close watch on your new credit report.
  • Always pay all debt liabilities on credit card, student loan, car and mortgage promptly.
  • Always save money to the bank account you provided for assets verification.
  • Inform your loan officer if you plan to make deposits that are unrelated to pension, payroll, income tax refund or SSI.
  • Inform your loan officer if you plan to receive gift funds from a nonprofit organization, employer, relative or union hall.
  • Inform your loan officer of any employment changes such as retrenchment, demotion or promotion.
  • Inform your mortgage loan officer if you have changed your address, phone number or email address.
  • Inform your mortgage loan officer of any reduction of funds required for closing.
  • Inform your mortgage loan officer of any income loss.
  • Keep original copies of all vital personal asset documents and ensure that you can retrieve your bank statements, pay-stubs and other vital financial documents.
  • Let your loan originator be aware of any changes in your employment changes like recent salary increment, job transfer, promotion or pay status change.
  • Let your loan originator be aware whenever you want to receive any gift funds for closing.
  • Provide all documents required for the sale of your personal items, home and car together with a sales contract, closing
  • statement and employer buy-out or relocation program (if necessary).
  • Provide your EMD (Earnest Money Deposit) either from acceptable gift funds or your personal bank account.
  • Remain employed if your loan application was approved based on employment income.


  • Avoid borrowing money or getting cash advance from your credit card for closing.
  • Avoid making any major purchases like new furniture, car, and appliances before or during your contract. Doing so may affect your qualification to get the mortgage loan.
  • Don’t change anything in your documents.
  • Don’t change your employer or job without knowing the effect on your loan.
  • Don’t deposit any funds apart from payroll deposits, especially money or cash received after selling personal property. You need to provide verifiable documentation of how the monies or funds were gotten.
  • Don’t increase or open any liabilities such as student loans, credit cards, mortgage, etc. while the mortgage loan process is ongoing.
  • Don’t make any changes to your legal name.
  • Don’t open or close any accounts used for assets verification or transfer funds from one account to another without obtaining the right documentation required for your mortgage loan.
  • Don’t take any time off if you will not be paid for such.
  • Don’t take any time off or go on vacation before closing.