• Keep originals of all pay stubs, bank statements and other important financial documentation. EMC Mortgage Solutions is required to update any documents that are over 30 days old prior to closing your mortgage loan. (This is required even if your loan is approved.)
• Provide all documentation for the sale of your current home. (i.e., sales contract, closing statement, employee relocation / buyout program.)
• Notify your mortgage loan officer if you plan to receive gift funds for closing costs.
• Notify your mortgage loan officer of any employment changes (i.e., change of employer, recent raise / promotion, transfer, change of pay status, such as salary to commission scale, etc.)

Be Aware

• Do not change jobs / employer without inquiring about the impact this change would have on the approval / approvability of your mortgage loan.
• Do not make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics, etc.) as this may impact your qualification ratios. please confer with your mortgage loan officer to have him/her calculate what your ratios would be with any additional debts.
• Do not obtain and or deposit unusually large sums of money without notifying your mortgage loan officer, FNMA/HUD guidelines require documentation as to the source of these funds (i.e., copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of a check and deposit slip, etc.)
• Do not close/open or transfer any asset accounts without acquiring the proper documentation required for your loan file. (i.e., if you transfer all the funds in your stock account to your savings account, documentation is required.)
• Do not open or increase any liabilities, including credit cards, signature loans, etc., during the loan process. Be cautious of credit inquiries. Please check with your mortgage loan officer for any documentation that will be required and what the impact this would have on your qualification ratios.