When you are applying for a loan in NJ. It is especially important that you follow the guidelines below.  The mortgage process has really gotten tricky in 2012-2013. What was a "easy loan" a few years ago" is now a harder loan today with so many new regulations and lender/buyer safeguards. If you have any questions on this process please call/email me and I will make sure that you only work with qualified professionals that have proven to ME, that they know what they are doing and can get you a loan. ~Steve


Steve's Homebuyer Do’s and Don’ts:

Recommended DO’S:

Recommended DON’TS:

  • DO continue to make payments on time for current mortgages, cars, credit cards, etc.
  • DO paper trail, document, and explain any large or unusual deposits or withdrawals into accounts (checking, savings, stock, etc.).
  • DO keep pay stubs, bank statements, tax forms, etc., in case the lender needs to update the documentation prior to closing.
  • DO ask questions if something is unclear about the loan program, fees, and/or loan conditions.
  • DO let the loan officer or mortgage broker know if anything changes.  For example; employment, income, assets, credit history, etc. 
  • DO document that the earnest money deposit has cleared your account — obtain a copy of the cancelled check and/or the statement that reflects the funds have cleared.
  • DO lock-in the interest rate, have homeowner’s insurance agent information available and provide updated documentation (pay stubs, bank statements, etc.) in a timely manner so as not to delay the closing.
  • DO NOT increase credit card balances and/or loan balances.
  • DO NOT apply for additional or new credit or put balances on a paid credit card.
  • DO NOT ignore late payment and/or collection notices that are received during the mortgage process.
  • DO NOT purchase anything that is “same as cash” — it will show on the credit report as a new debt.
  • DO NOT buy furniture, cars, or appliances on credit until after closing. 
  • DO NOT lend money to family members, friends, etc. if it is needed for closing.
  • DO NOT store money at home, place it in a bank account so it can be documented as savings throughout the loan process and can qualify as assets on hand.
  • DO NOT have overdrafts on a checking account. 
  • DO NOT quit or change jobs during the loan process.