The Do's & Don'ts During The Approval Process

Because Service First Mortgage - The Davidson Group makes the mortgage loan process so much easier, it's hard to believe that the mortgage rules and guidelines can be so tricky. Unfortunately, we have too many stories of seemingly harmless actions by an applicant that end up costing them thousands of dollars, or even having the loan denied. Read on to learn how to avoid those costly mistakes.
The Do's & Don'ts During The Approval Process


  • DON'T have your credit pulled numerous times (i.e. apply for a credit card, loans, co-sign for someone else, etc.).
  • DON'T open or increase any liabilities, including credit cards, signature loans, etc., during the loan process. Please check with your loan officer for any documentation that will be required and what impact this would have on your qualification ratios.
  • DON'T make major purchases during or prior to closing (i.e. new car, furniture, appliances, and electronics) because this might impact your qualification ratios. Please consult with your loan officer to have him/her calculate what your ratios would be with any additional debts.
  • DON'T obtain and/or deposit sums of money over 1% of the loan (unless it is a normal paycheck) without notifying your loan officer. Guidelines require documentation of the source of these funds (i.e., copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and deposit slips, etc.).
  • DON'T open or close or transfer any asset accounts without inquiring about the proper documentation required for our loan file (i.e. if you transfer all the funds in your stock account to your savings account, documentation is required).
  • DON'T obtain cash advances off your credit card(s).
  • DON'T change jobs/employer without inquiring about the impact this change would have on the approval of your mortgage loan.


  • DO keep originals of all pay stubs, bank statements, and other important financial documentation.
  • DO provide all documentation for the sale of your current home (i.e., sales contract, closing statement, employer relocation/buyout program).
  • DO follow through quickly if our team contacts you for information or documentation.
  • DO notify us if you plan to receive gift funds.
  • DO notify us of any employment changes (i.e. change of employer, recent raise/promotion, change of pay status such as salary to commission, etc.).
  • DO contact us if there is a major change in a monthly credit bill (i.e., sold a vehicle, paid off a large credit card or installment loan, etc.)
  • DO enjoy your home purchase experience.


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