You’ve signed the purchase contract, and now the mortgage review moves into the details. The mortgage do’s and don’ts from here are simple: keep your finances steady, send requested records promptly, and speak up if something changes.
Key takeaways
- Send your fully signed contract and amendments to your mortgage team.
- Keep proof of funds, deposits, and transfers, and respond to document requests.
- Avoid new debt, job changes, and unnecessary movement of money without checking first.
- Tell your mortgage team promptly about changes to your finances or the property.
What should I do after signing a home purchase contract?
After signing, share the contract with your mortgage team, follow the agreed process, and keep records of your funds. Quick, organized communication helps the team review your application and flag questions that need attention.
Send the contract and deadlines to your mortgage team
Send the fully signed purchase contract and any later amendments. Make sure your mortgage team knows the key dates so the appraisal, inspection, disclosures, and closing steps can be coordinated with the contract timeline.
Your real-estate agent can help with contract terms, inspection concerns, and repair discussions. Those obligations are separate from the financing review, so keep both your agent and mortgage team informed when a change could affect the property or closing.
Respond promptly to document requests
Provide complete, current mortgage documents through the secure channel requested. If you are unsure what a request means, or whether another document can replace the one requested, ask before sending a substitute or explanation.
A document request is not a reason to guess. A clear answer and the right supporting record can help the team assess the issue without unnecessary back-and-forth.
Keep records of earnest money and large deposits
Keep receipts, account statements, and transfer records showing where your funds came from and where they went. This includes earnest money and funds you plan to use toward closing.
Ask how to document a gift or a non-payroll deposit before moving the money. The records needed depend on the details of the transaction, so don’t assume a deposit is self-explanatory.
What should I avoid doing before my mortgage closes?
Before closing, avoid changes that could affect your credit, income, assets, or the property without first contacting your mortgage team. A preapproval is not the last review: underwriting and outstanding conditions may continue before closing.
Avoid new debt or major purchases
A car purchase, financed furniture, a new credit account, or a higher credit-card balance may affect the provider’s review. Before taking on debt or making a major purchase, contact Verified Home to ask how it could affect your application.
Even a purchase you plan to pay off quickly can create new account activity or change your financial picture. Don’t assume it will be harmless just because you have already signed the contract.
Do not change jobs or income without checking first
A job change, a shift from salary to commission, or another change in how you are paid may require updated records or a closer review. Contact Verified Home before making a change, and disclose it promptly if it has already happened.
The effect depends on your circumstances and the provider’s requirements. Don’t try to time or explain away a change without sharing the facts.
Avoid unexplained deposits, transfers, or missed payments
Keep making your payments on time, and avoid moving funds unless there is a reason. If a transfer is necessary, save statements and receipts that show the movement between accounts.
Large or unusual deposits may prompt questions about the source of the money. Keep the explanation and supporting records ready rather than assuming the transaction will be understood without documentation.
What if something changes during the mortgage process?
Tell your mortgage team promptly about changes to your job, income, assets, credit, occupancy plans, or the property. Early notice gives the team a chance to explain what records or review may be needed.
Tell your mortgage team promptly
Don’t conceal a change or decide on your own that it won’t matter. Only the people reviewing your application can assess how a specific change affects the file.
Ask before changing the contract or source of funds
Before agreeing to revised contract terms, changing the closing date, or using a different source of funds, check with your agent about contract matters and contact Verified Home about financing. Revised terms or timing may require an updated review.
Keep communication and documentation organized
Save important messages, amendments, receipts, and records in one place. If the mortgage team asks for an explanation, answer the question directly and include the specific supporting documents requested.
For questions about your application or preapproval, contact Verified Home. Verified Home arranges consumer mortgages for properties in Texas and Virginia, including conventional mortgage options.
What documents should I keep ready until closing?
Keep recent income and asset records, proof of funds, and any updated documents your mortgage team requests. The exact list varies by borrower, loan program, property, and provider.
Recent income and asset records
Requests may include recent pay statements, bank statements, tax or employment records, and identification. Provide the records requested for your application; a general checklist may not cover every situation.
Proof of funds and explanations for requested transactions
Keep evidence of earnest money, gift funds, and account transfers. If a transaction needs an explanation, provide the records that support it through the requested secure channel.
Updated documents requested by the mortgage team
Documents can become outdated as the process continues, so be ready to provide updated records when asked. Keep copies of closing-related communications and meet the requested deadlines.
For a useful starting point, review the Texas mortgage application document checklist. Your team will confirm which items apply to your file.
Frequently asked questions
Can I buy furniture or a car after signing a mortgage contract?
Check with your mortgage team before financing a purchase or opening a credit account. New debt or higher balances may affect the provider’s review, and the effect depends on your circumstances.
Can I change jobs after my mortgage is approved?
Contact Verified Home before making a job change and disclose it promptly if it happens. Employment, income type, and supporting documents may be reviewed again before closing, and the effect depends on the situation and provider.
Is mortgage preapproval final approval after I sign a purchase contract?
A mortgage preapproval is an initial review of a borrower’s finances, not a guarantee that a mortgage will be approved or funded. The provider may still review your application, the property, updated documents, and outstanding conditions before closing.
Mortgage underwriting is the review of a borrower’s finances, the property, and supporting documents to assess whether a mortgage meets a provider’s requirements.
The practical mortgage do’s and don’ts are to keep your finances steady, document transactions, and report changes early. For answers or a preapproval, reach out through the contact page, or start an application at apply.verifiedhomellc.com.
Verified Home LLC (NMLS #2693996) is an independent mortgage brokerage — a broker, not a lender. All mortgage loans are arranged with third-party providers. Verified Home LLC is licensed by the Texas Department of Savings and Mortgage Lending and by the Virginia State Corporation Commission, Bureau of Financial Institutions; consumer mortgage services are offered in Texas and Virginia only. Applications in other states are pending and not yet approved. This article is for general informational purposes only and is not an offer of credit, a commitment to lend, financial, legal, or tax advice, or a solicitation in any state where Verified Home LLC is not licensed. All loan scenarios are subject to credit approval, income and asset verification, property appraisal, and program eligibility. Not all applicants will qualify. Programs, terms, and conditions are subject to change without notice. Equal Housing Opportunity.