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Here are some helpful “Do’s and Don’ts” when applying for a mortgage…

■ Keep originals or be able to access on your employer/
bank sites all pay-stubs, bank statements and other
important financial documents.
■ Provide your Earnest Money Deposit from your own personal
bank account or acceptable gift funds. Please talk to your
Loan Consultant for additional clarification. This will present
a very difficult problem if not managed properly in the
beginning.
■ Provide all documentation for the sale of your current home,
including sales contract, closing statement, employer
relocation/buy-out program if applicable.
■ Notify your Loan Consultant if you plan to receive gift funds
for closing. Gift funds are acceptable only if certain criteria
are met. Advances from credit cards for down payment/
closing costs are never acceptable.
■ Notify your Loan Consultant of any employment changes
such as recent raise, promotion, transfer, change of pay
status, for example, salary to commission.
■ Be aware that a new credit report could be pulled just
prior to closing.
■ Close or open any asset accounts or transfer funds between
accounts without asking your Loan Consultant about the
proper documentation required for your loan. For example,
before transferring all funds from your savings to your
checking, check with your Loan Consultant.
■ Deposit any monies outside of your automated payroll
deposits, particularly cash or sale of personal property,
without notifying your Loan Consultant. Many guidelines
require substantial documentation as to the source of
these deposits.
■ Change jobs/employer without inquiring about the impact
this change might have on your loan.
■ Make major purchases prior or during to closing such as
new car, furniture, appliances, etc. as this may impact your
qualifying amount.
■ Open or increase any liabilities, including credit cards,
student loans or other lines of credit during the loan
process as it may impact your qualifying amount.

Tosh Pence
Loan Consultant
NMLS# 1585560 • FL
5462 Village Drive
Rockledge, FL 32955
321-508-0483
tosh.pence@caliberhomeloans.com
www.caliberhomeloans.com

Kim Tillett | One Sotheby’s International
Realty
Broker Associate
301 Ocean Ave
Melbourne, FL 32951
321.446.9035
kimtillett@gmail.com
TheKimTillettTeam.com

Caliber Home Loans and any above mentioned companies are not affiliated. Caliber Home Loans, Inc., 1525 S. Belt Line Rd, Coppell, TX 75019. NMLS ID#15622 (http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/15622). 1-800-401-6587. Copyright © 2020. All Rights Reserved. Equal Housing Lender. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. If you are refinancing your existing loan, your total finance charges may be higher over the life of the loan. Other restrictions and limitations apply. (12970)

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