Dos and don’ts when applying for a mortgage

Written by Ryan Morgan on . Posted in Mortgage 101

Dos and don'ts when applying for a mortgage


  1. Notify us of any income changes! Please notify your loan officer if there are any income changes, for better or worse, as it affects the underwriting process and the necessary documentation that is required.
  2. Keep documentation for any large or irregular deposits!  Underwriters will need to verify any funds in all accounts being used for the transaction. You should keep copies of any checks deposited, bank statements to verify a transfer and you should have letters ready to explain any large deposits.
  3. Pay bills on time! As your closing date approaches, credit supplements or credit updates may be required. One late payment can potentially decrease your score up to 100 points.


  1. Apply for new credit of any kind! Every time your credit is pulled, your lender is notified and the underwriters may be required to investigate. Additional debt or a credit score change can alter not only the amount that you qualified for, but eligible loan programs and rates.
  2. Over charge your credit card! Lenders are required to check your credit immediately before settlement. An increase in credit balances can negatively impact the final steps of the loan settlement. It is wise to keep your balances below 50% of your maximum limit.
  3. Change your employment! Should you decide to quit or change your job, it would impact your income and could potentially jeopardize your approval. If it is something that is incumbent, please notify your loan officer immediately!

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Mortgage Corp East
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800 Hingham Street Suite 104N
Rockland, MA 02370