Do's and Don't's For a Smooth Mortgage Process: Part 7

Here's another weekly installment of Do's and Don't's for prospective borrowers embarking on, or already engaged in the home mortgage process.  In case it needs to be said, the "Don't's" are strictly for comedy (though most are based on real world examples of things that will kill or greatly delay the mortgage process). 

The "Do's," on the other hand, are potentially valuable nuggets of information that may greatly benefit your mortgage experience.  In fact, most of them can end up making a difference in the success or failure of a loan, and at the very least, can help avoid costly delays.

Do:       Ask your loan officer what your options are for down payment amount.
Don't:   Inquire whether your signed Aaron Hernandez jersey collection is acceptable as a down payment.

Do:       Consider including a photo or video of your family with your purchase offer to personalize it.
Don't:   Ask the seller to your family reunion to personalize your purchase offer. 

Do:       Ask for clarification if your appraisal is inaccurate on room count or square footage.
Don't:   Insist appraiser adjust your home's value for the inflatable pool in your back yard.

Do:       Consider your family's needs for garage and driveway size.
Don't:   Buy a home with a single driveway and garage on dead end street, then park your 4 pickups in front of your new neighbors' homes.

Do:       Know whether your agent and loan officer will attend your closing.
Don't:   Expect your loan officer to drive you to closing so you can save on gas.

Do:      Bring your drivers' license or other legal photo ID to closing.

Don't:  Tell title company you left your license "in your other pants", but will bring by next week.

Do:      Have your down payment funds available well before closing.
Don't:  Wait until the week of closing to apply for a loan against your 401K for down payment.          

Do:       Get your spouse added to your title at closing if you recently married.
Don't:   Add your new girlfriend to your home's title on your one month anniversary.

Do:      Expect to receive a copy of your appraisal for your records.
Don't:  Ask your lender for the appraiser's phone number "because he's really cute."

Do:      Respond promptly to any calls or emails from your loan processor.
Don't:  Call your processor at home on Saturday AM to see if she needs anything for your loan.

Above all else, DO remember that your loan originator wants to close your loan as quickly and as efficiently as you and the good ones fully appreciate that their borrowers' satisfaction plays a huge role in their long term success.