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At Solvay Bank, we are committed to helping you manage what could be one of the largest financial decisions of your life – buying a house! This practical Mortgage Do's and Don'ts list can help you to prepare for what happens beyond the application and approval process.

MORTGAGE DO'S

• Employment Changes: Do notify us if your employment status changes, to include the updated income.
• Address Changes: Do inform us if your address changes from what appears on your original loan application. 
• Homeowners Insurance: Do obtain, prior to closing, homeowners insurance with minimum coverage equal to the amount of your total loan or the replacement value of your house. 
• Paper Trail: Do keep a clear paper trail of funds coming in and out of your accounts and where the funds are coming from. 

MORTGAGE DON'TS

• Credit Lines: Don't acquire any additional credit lines or make any large purchase on existing credit. Buying a car or appliances for your new home will change your debt-to-income ratio.
• Change Jobs: Don't change jobs without checking with the bank first as that may affect your ability to qualify. It is standard for lenders to verify employment prior to closing.
• Additional Debt: Don't co-sign with anyone to obtain a line of credit or make a purchase. It will show up on your credit report as an additional debt.
• Negotiate: Don't negotiate your contract with a seller concession and expect to get money back at closing. A seller concession can be used to pay closing costs and or prepaids. 

There’s a lot involved with buying a home. Solvay Bank is here to help you make sense of it all. Click here to visit our mortgage center, where you can locate a loan officer, review unfamiliar terms and access additional mortgage resources.