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Mortgage Tips
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Do’s:
• Let Caliber know if your salary (or your co-borrower’s salary) changes from that which is documented on your loan application.
• Notify Caliber if your address changes from what appears on your loan application. This is important because Caliber will need to complete a rental and mortgage verification for all of your residences for the past two years.
• Keep existing credit card accounts open, active and current.
• Obtain homeowner’s insurance with coverage equal to the amount of your total
loan or the house’s replacement value.
• Share your homeowner’s insurance agent’s name with Caliber prior to closing.
• Document any significant deposits into your bank accounts to prove financial transactions. A ‘paper trail’ will be collected by Caliber; this will include all paperwork necessary to prove a financial transaction such as copies of all checks, deposit slips, loan paperwork & forms to liquidate assets.
• Report and record any transferred funds. Documentation of these transfers will need to be submitted to Caliber.
