Financing is one of the most important steps in your home buying journey — and we’re here to make it simple. Whether you’re a first-time buyer or investing in your next property, understanding what lenders expect (and what to avoid) will help keep your approval on track.
Mortgage Do’s and Don’ts
During the loan process, lenders verify your credit, income, and assets multiple times — even right before closing.
Following these key guidelines will help prevent last-minute delays or issues.
✅ Do:
– Keep all existing accounts current (mortgage, car payments, credit cards).
– Make all payments on or before the due date.
– Keep copies of your pay stubs and financial documents.
– Disclose all sources of income, assets, and debts to your loan officer.
– Notify your Mortgage Loan Originator of any job or income changes.
– Inform your lender about major life changes (marriage, divorce, having a child, etc.).
– Call your loan officer anytime you have a question or anticipate a financial change.
🚫 Don’t:
– Quit or change jobs without consulting your loan officer.
– Allow anyone to run a new credit inquiry.
– Move or transfer money between bank accounts (all large deposits must be documented).
– Deposit cash or funds not from your paycheck without checking with your lender.
– Co-sign for another person’s loan or credit line.
– Apply for new credit or financing (car, furniture, etc.).
– Purchase another property before your loan closes.
– Close or change any current credit accounts.
💡 Even small changes can alter your debt-to-income ratio or delay your closing. When in doubt, call your lender first.
Loan Application Checklist
Your lender will request documentation to verify your financial profile. Having these ready helps speed up approval.
- W-2s from the past 2 years
- Most recent 30 days of pay stubs
- Past 2 years of personal tax returns (required if self-employed or commission-based)
- Past 3 years of corporate tax returns and K-1s (if self-employed)
- Bank statements for the most recent 2 months
- Latest 401k, IRA, stock, or bond statements
- Homeowner’s insurance policy and agent contact information
- Driver’s license and Social Security card
- Bankruptcy discharge papers (if applicable)
- Divorce decree (if applicable)
- Gift letter with supporting documents (if applicable)
- Canceled earnest money check
- Signed purchase agreement (once under contract)
- Existing first or second mortgage notes (if applicable)
💡 The faster you can provide these documents, the faster your lender can finalize your approval.
Working With Your Lender
The Talley Group partners with trusted local lenders who understand our market and work closely with our buyers for a smooth, transparent process.
We’ll connect you with professionals who can help you compare programs, rates, and down payment options — from VA and USDA loans to FHA and Conventional financing.
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