The DOs and DON'Ts of applying for a mortgage

The DOs and DON'Ts of applying for a mortgage

by Liberty Bank

Buying a home is a major milestone, and you may not know where to start. Should you switch to a better paying job right before buying a home? The answer may surprise you. Read on for the DOs and DON'Ts of applying for a mortgage.


  • DON’T quit your job or change employers before or while applying for a mortgage. If you do, talk to your loan officer about the documentation you will need.
  • DON’T close or open any bank accounts or transfer funds between accounts without talking with your loan officer.
  • DON’T make any large purchases while your loan is in process.
  • DON’T open or close charge cards as it may impact your credit or qualification for the loan.
  • DON’T take a cash advance on a credit card for the down payment on the purchase.
  • DON’T deposit cash into deposit accounts without talking to your loan officer.


  • DO make copies of income and assets documents. Your loan officer will be asking for: a month of pay stubs, two years’ W-2s and/or tax returns, bank statements and more.
  • DO document the source of your down-payment. Keep a copy of the check and the bank statement showing the funds have cleared the account.
  • DO document the source of gift funds. Ask your loan officer if you will need to complete a gift letter and what documentation you will need for verification.
  • DO notify your loan officer of any changes to employment status.
  • DO research quotes for homeowner’s insurance so that you are ready for the closing.
  • DO be aware the bank will pull your credit prior to closing to ensure you have not taken out additional debt.

  • Do you have questions about the home buying process? Contact a loan officer today.


This article, tool or quiz above is for informational and educational purposes, is not an advertisement of Liberty Bank, is not for product promotion, do not constitute investment or legal advice, are estimates only, and may contain general information or examples regarding non-deposit products. Investments, stocks, mutual funds, securities, annuities and insurance products are not bank deposits; are subject to investment risks, including the possible loss of the principal amount invested; may lose value; are not insured by the FDIC; are not insured by any Federal Government Agency; and are not obligations of, nor guaranteed by Liberty Bank.

Liberty Bank makes no warranties or representations as to the accuracy, correctness, reliability or otherwise with respect to information set forth in the article, tool or quiz above and assumes no liability or responsibility for any omissions or errors in the content listed above.