After you've applied for a mortgage – hopefully with me and Merchants Bank – here are some helpful Do’s and Don’ts to guide you between the time of your application and the time the loan closes.

DO

  1. Notify your mortgage lender:
    • If you have corrections or questions when reviewing copies of your application or disclosures.
    • Of any changes in income, job, pay or work hours since you applied. This could impact your loan approval.
    • Of any maintenance issues, issues identified in a home inspection or incomplete construction that may be present in the house you are financing.
    • Of any unique home features (additional living quarters, large acreage, agricultural use, outbuildings, unique floor plans, etc.).
    • If you have plans to initiate a dispute on your credit.
  2. Continue to make all scheduled monthly payments on time, even those on accounts that may be paid off when this loan closes.
  3. Select your homeowners’ insurance and provide the insurance binder and paid receipt to your mortgage loan officer as soon as possible.
  4. Obtain a copy of your earnest money check if you are purchasing a home. We need a copy of front and back once it has cleared your account.
  5. Be prepared to provide additional documentation as a follow up to documents you submit to us.

DON’T

  1. Apply for, accept or switch to any new credit cards or loans. If you are considering additional credit, check with your mortgage loan officer first.
  2. Close credit cards since this can affect your credit score.
  3. Begin home improvement or work projects to the home/property being financed prior to closing and recording of the mortgage. This includes excavation projects and demolition of structures on the site.
  4. List the property that is the subject of this loan for sale. This can affect the approval of your loan.
  5. Co-sign for anyone else on a loan.
  6. Move money from account to account or bank to bank without consulting your loan officer first. This often makes the paper trail of funds harder to verify

What You Can and Can’t Control 

As with anything else, you will have a number of things you can control in the process, and there will be things that are beyond your control. The list is long and depends a lot on your circumstance. 

If you have questions, or need some guidance starting the process, contact me by phone at (715) 296-1160 or email me at TEScalzo@merchantsbank.com. Since I work out my home office in Spooner, I can meet you when and where it is most convenient for you. 

Merchants Bank is a Member FDIC and Equal Housing Lender. Loans are subject to approval.


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