HOME BUYER FAQ Thinking of refinancing? I'll send you a FREE report "When To Refinance" Email Tom Domin with your name, address and phone number. This information is provided to assist you with the purchase of a home, and to help you avoid the common mistakes that can delay or endanger the timely closing on your new home. All income you want used for qualifying must be documented. 12 months canceled checks (front and back) are required to verify rental payments to an individual. If you are a co-signer on a loan, you must provide 12 months canceled checks (front and back) to avoid having this payment counted against you. Student loans must be deferred in writing for 2 years to avoid having this payment counted against you. Most lenders require 2 months of reserves (i.e. 2 months of monthly mortgage payments) verified. This is on top of the money required for closing. All funds required in this transaction must be verified in your bank account at least ten (10) days prior to closing. Any large or unusual deposits must be documented. If using gift funds, the donor must provide a cashier’s check for the whole amount made payable to the title company. The donor’s name must appear as the remitter on the check. Do not make any large deposits (over $500) into your bank account(s). Do not make any large purchases or obtain any new debt. Do not apply for any new credit cards. Do not buy a new car. Do not quit your job. Pay your rent/mortgage payment ON TIME and by check or money order (NOT CASH). Pay all your bills on time and by check or money order until you have closed. If a termite inspection is required by the lender, it must be CLEAR (i.e. no evidence of termites or any other wood destroying organisms and no damage). The inspection must be dated within 30 days of the closing date. You must establish a homeowner’s insurance policy prior to closing. (You are responsible for paying the first year’s premium up front). This must be provided at least five (5) days prior to closing. If you are not legally divorced, your spouse must sign the mortgage at closing. Please do not schedule any vacations to take place during the mortgage process. Funds required at closing must be brought in the form of a cashier’s check made payable to the title company. You must have a valid driver’s license or other acceptable form of ID with you at the time of closing. Please keep all paystubs, bank statements, W2s, tax returns, and any other applicable records through out the mortgage process. The lender reserves the right to ask for additional documentation upon receipt and review of conditions ©1995-2005