According to nerdwallet.com, the biggest mistake buyers make is starting the homebuying process without a lender. With an LMCU loan officer, you can get pre-approved, so you’ll know exactly how much house you can afford. Sellers will know you’re serious. And other buyers can’t sneak in and steal the home of your dreams while you wait for the paperwork to process.

Here are some other helpful do’s and don’ts to get you through the mortgage process:

DO:

• Keep all records in good order: You’ll need a number of financial documents, keeping them organized will help make the process easier and more efficient.
• Track your income: Even though underwriters will verify your income through your employer or tax records, hang-on to new pay stubs.
• Organize your asset records: You’ll need to continue collecting savings, checking, and investment account statements.
• Document any cash gifts: If any of your down payment or closing costs will be funded by a gift from an eligible donor, they’ll need to sign a gift letter (that we provide) and an account statement showing where the funds came from.
• Maintain your current rent or mortgage obligations: If you’re a renter, keep paying your rent on time and get a proof of payment. If you’re selling your current home, have your closing disclosure handy.
• Preserve your credit rating: Keep making all of your payments on time and in full. Negative changes to your score could affect your rate, pricing, or even your approval status.

DON’T:

• Apply for a new credit card or financing: Changes in credit could change the terms of your mortgage and even prevent closing. If you have to open a new account, call us first.
• Job hop: Changes in employment and even bonus structure can throw a wrench into things. So if you can, stay where you are during the processing stage.
• Make undocumented transactions: Money coming in and out of your possession can complicate things. Keep your deposits separate and small, avoid cash deposits, and make copies of all checks and deposit slips.
• Cash out investment funds or retirement accounts: If you have to, do it early in the underwriting process, and document all transactions.
• Be shy about asking questions: Helping you through the process is what our loan officers love to do. No question is too big or too small.

For more information, or to get pre-approved, visit LMCU.org/Mortgage