Mortgage Do's and Don'ts!

Please Note: This is a very detailed process, and you will need to provide information that you may feel is unnecessary. All items requested are mandatory requirements per the lender’s underwriting department, and/or the Federal Government. We will do what we can to limit your exposure to requests which you may feel are silly and unwarranted.

  • DO Keep watch of any tasks or anything needed from you by your lender

  • Don’t buy a new car, trade-up to a bigger lease or co-sign for anyone else. If you shop for a car DO NOT LET THE DEALER RUN YOUR CREDIT REPORT

  • Don’t quit/change your job to change industries or start a new company

  • Don’t switch fom a salaried job to a job based on bonuses or commissions

  • Don’t transfer large sums of money between bank accounts without first discussing with your Loan Officer

  • DO keep making on time payments, even for accounts in dispute

  • Don’t open or apply for new credit cards or credit lines including department stores-- even if you’re getting 25% off for a purchase

  • Don’t accept and deposit a cash gift without first discussing with your Loan Officer and filing the proper “gift” paperwork.

  • Don’t make random, undocumented deposits into your bank accounts.

  • Don’t forget to continue making your mortgage payments on properties being refinanced. If the expected closing of escrow is close to the date your next payment is due, please contact your Loan Officer to discuss before making the payment.

These tips should be read and followed to avoid many of the common mistakes made during the escrow process. Please contact my office at (949) 316-9636, if you are unsure about something or need help understanding our process.

Michael Bloomquist

Senior Loan Officer

Leadership - Integrity - Focus - Excellence

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