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Things to Know When Applying for Your Mortgage

Before applying, please note that when your credit is pulled for a mortgage application, the credit bureaus (Equifax, Experian, and TransUnion) may sell your information to third parties, resulting in unwanted solicitations from mortgage marketing companies. With the current market conditions, these companies are becoming more aggressive with their solicitations.

Peoples Bank will never sell your information.

To avoid these solicitations, we might suggest you look into this:

For unwanted mail solicitations, go to www.optoutprescreen.com or call 888-567-8688.
For unwanted phone solicitations, go to www.donotcall.gov or call 888-382-1222. Include all phone numbers currently in use - home and cell.

Please know that there is a delay for these to take effect. The opt out prescreen (mail) service is usually within 5 days. The do not call (phone) service may take up to 31 days for full implementation. It is prudent that you opt out as soon as possible in the process to avoid receiving calls from solicitors.

Morgage Do's and Don'ts

When applying for a mortgage

Do:

  • Keep originals or be able to access all pay-stubs, bank statements, and other important financial
    documents electronically.
  • When providing your earnest money deposit on your new home purchase, use your own funds. Please contact your home loan specialist for clarification.
  • Provide all documentation for the sale of your current home, including sales contract, closing statement,
    employer relocation/buy-out program if applicable.
  • Notify your home loan specialist 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 home loan specialist of any employment changes such as a recent raise, promotion, transfer,
    or change of pay status, for example, salary to commission.
  • Be aware that a new credit report could be pulled just prior to closing.
  • Continue to save money.
  • Ask questions - don’t make assumptions.

Don't:

  • Close or open any asset accounts or transfer funds between accounts without asking your home loan
    specialist about the proper documentation required for your loan.
  • Deposit any money outside of your regular or automated payroll deposits, particularly cash or sale of personal property. Please contact your home loan specialist for clarification.
  • Change jobs/employer without inquiring about the impact this change might have on your loan.
  • Make major purchase(s) prior to closing or during the loan process - such as a new car, furniture,
    appliances, etc., as this may impact your qualification.
  • Open or increase any liabilities, including credit cards, student loans, or other lines of credit.
Ready to apply? Use our Express Mortgage online application to get started now.

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