The process of Getting a MortgageWhile your loan application is in processing many people suffer from nervous anxiety hat can be quite intense. Anyone who wants to reduce that worry to have a routine home buying experience from start to finish should follow a summary of dos and don'ts from mortgage experts.5 Things to Do During Loan Processing1. Do be easy to communicate with.The lender will need to obtain various documents, signatures and financial records from you. Check your phone and email often so you can respond promptly. No matter if the request feels invasive at 7amor 8pm, keep in mind the request wouldn't be done if it wasn't required to process your mortgage.

2. Do prepare to verify your income and assets.Usually underwriters will verify your income and tax documents by communicating and sending forms to your employer(s), CPA, and IRS tax transcripts. Be prepared to provide information as requested. Have originals or copies of all pay stubs, commission checks and bank/investment account statements available to send.

3. Do follow the rules on receiving gift money.Relatives who are giving you gift funds will need to sign a gift letter. In addition, the person giving you the gift needs to provide a copy of the account statements that proves where the source of the money. The giftor's account number can be removed. All gift funds need to follow the lender's rules for "seasoning". seasoning means how long funds need to be in the borrowers account. Usually it is 60 days but some will allow 30 days.

4. Do pay your house payment on time on your current residence.If you're a renter, have proof of your payments with copies of canceled checks for the last 12 months from your bank. If you're selling your current home to buy the one in processing, you'll need to provide a certified copy of your closing settlement statement.If you will keep your current home and rent it out, you will need to supply a copy of a signed lease, and first month's rent receipt and security deposit.

5. Do pay all your credit accounts as agreed.Any late payments over 30 days may result in you not qualifying the loan you requested. A collection, credit card, auto, or housing payment late payment over 30 days could result in a much higher interest rate or cancel the loan altogether.

5 Things Not to Do During Loan Processing1. Don't apply or co-sign for any new credit.Always communicate with your loan originator before taking action on opening any new accounts (or borrowing money). Changes to your credit accounts can add more days to underwrite your loan, alter your financing terms, or possibly deny your loan approval entirely.

2. Don't change your job or how you are paidRefrain from any career changes due to a possible adverse effect. For example, salary to commission, switching from full-time to part-time, or accepting a new incentive plan can really complicate the processing of your loan.

3. Don't make deposits that lack a source if you need those funds to count.Make sure to keep your sources for large deposits as the underwriter may condition for those to be verified. Gather copies of each large check deposit and receipt. Stay away from depositing cash.

4. Don't liquidate items.If you need to sell personal property or investments, try to so this before applying for financing and document the transaction. For example, if you sell a vehicle, have a signed bill of sale. If you sell stocks, show the statement or activity when it was sold and where the funds came from.

5. Don't do things without asking your loan office first if it can affect your financingYour loan originator should be able to give you an answer if you're unclear what you should or shouldn't do when your file is being reviewed.