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The Ten Commandments

of Buying a Home

Provided by Barry Cooper, Loan Officer

Benchmark Lending, Office. 732-431-4480

1. Thou shalt not apply for new credit of any kind.

2. Thou shalt not pay off or dispute any collections or charge offs.

3. Thou shalt not close credit card accounts.

4. Thou shalt not max out or over charge existing credit cards.

5. Thou shalt not spend money you have set aside for closing.

6. Thou shalt not buy furniture.

7. Thou shalt not change bank accounts.

8. Thou shalt not co-sign a loan for anyone.

9. Thou shalt not change jobs, become self employed, or quit your job.

10. Thou shalt not make large deposits without checking with your loan officer.

However, DO:

1. Stay current on your existing accounts.

2. Call us if you have any questions or feel tempted by any

of the 10 commandments of buying a home.

3. Provide documents needed for your loan as quickly as possible.

 

DO'S & DON'TS:

During the Loan Process

Provided by Barry Cooper, Loan Officer

Benchmark Lending, Office. 732-431-4480

DO RESPOND QUICKLY & KEEP DOCUMENTATION READY

Respond to our staff and return your signed loan disclosures as quickly as

possible  for your loan to  be processed and closed on time.

DO NOTIFY US OF INCOME CHANGES

If there are any changes from what is documented on your loan application, tell our staff as soon as possible.

DO SAVE MONEY & PAY BILLS ON TIME

Stay current on existing accounts. Your financials will be checked several times during the process.

DO PROVIDE ALL RECORDS OF YOUR FEDERAL TAX RETURNS

At least two years will be required.

DO PROVIDE ALL RECORDS OF YOUR FEDERAL TAX RETURNS

Even if pages are blank, send complete statements.

DO REVIEW YOUR LOAN DISCLOSURES TO THEIR ENTIRETY

Make sure to cross out and initial any changes or corrections.

If you do need changes, let your loan officer know and they can assist you.

DO PREPARE FOR YOUR DOWN PAYMENT AND CLOSING COSTS

We will have an in-depth conversation about your down payment and closing costs.

Please inform us of the exact source from which your down payment and closing costs

will be coming from; not all sources of funds are acceptable. Loan approval requires

that all funds are documented and verified according to program guidelines.

 

DON'T MAKE ANY CHANGES TO YOUR FINANCES WITHOUT CONSULTING US FIRST

Your credit score will be checked again at closing to verify no new debts have been incurred.

DON'T APPLY FOR NEW CREDIT OF ANY KIND

Every time you have your credit pulled by a potential creditor or lender, you lost points

from  your credit score immediately. New credit also brings a credit score down.

DON'T PAY OFF COLLECTIONS OR CHARGE OFFS

Unless you can negotiate a delete letter, paying collections will decrease the credit score

immediately due to the date of last activity becoming recent.

DON'T MAKE ANY UNUSUAL LARGE DEPOSITS

Money used for down payment on your home cannot be borrowed money and you basically

have to prove that the large deposits are not borrowed funds. A large deposit is defined as an

amount more than 25% of any one borrower's monthly net income deposit.

DON'T CHANGE/QUIT YOUR JOB

We will verify your employment at the time of the loan approval and prior to closing.

Any kind of job movement before the loan and closing may be very detrimental.

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Barry Cooper, Loan Officer, Benchmark Lending

Cell 732-547-7226

Email bcooper@benchmark.us

Cell 917-767-3008

Office 732-972-1000 ext. 323

520 Route 9 North, Manalapan, NJ 07726

Each Office Independently Owned and Operated. RE/MAX, LLC is an Equal Opportunity Employer and supports the Fair Housing Act.