Avoid making any large purchases or refinances during the loan process.
This may adversely affect your credit score or debt-to-income ratio that originally qualified you for your loan. 

Make sure this letter is written and executed by the individual providing the funds. Obtain a gift letter if you're receiving a gift of equity for a new property purchase.

Be prepared with insurance quotes to avoid delays in funding. Your Transaction Analyst will provide you with specifications on insurance coverage requirements.  

Prepare a Year-to-Date (YTD) Financial Statement (Profit & Loss) to show your business income trends.  This applies if you are a sole proprietor or have a new business with no tax history. Be prepared to provide a written explanation of any personal or business income decline or loss. 

Adhere to the Loan Origination Checklist provided by your Transaction Analyst.  This will help to fund your loan in a timely manner. 

Set an appointment to inspect the subject property. The engaged appraiser will contact you or the seller. This can occur up to one week before the Appraisal completion date. 

7.

Collect the most current tax bill from the tax collector or seller.  This is required to escrow for taxes. 

8.

Provide documentation for Environmental Due Diligence.  This applies if your property may have or has had environmental concerns. This includes underground tank removal letter, No Further Action Letter, Phase 1 or Phase 2 Report copies. 

9.

Order and submit payment and payoff history of current liens on subject property.  It may take current lien holders over 2 weeks to supply payment and payoff history. With a private mortgage, advise note holder of refinance and request, prior to closing, payment history and payoff and release letters. 

10.

Have all previous transaction paperwork ready to submit, if needed.  Speak to the title company or agent facilitating your loan closing to clear when liens, releases and satisfactions are needed.   PURCHASES ONLY 

11.

Obtain a signed current rent roll, signed operating statements (Year-to-Date and previous 2 years) and current leases for all tenants.
These may be required from seller or real estate agent to engage the appraiser.  

12.

Always provide a copy of a legible fully-executed Purchase & Sale Agreement.  You may need to request an extension from the seller if the Purchase & Sale Agreement expires within 45 days of the signed Conditional Pre-approval Letter. 

13.

Always provide contact information for the seller or real estate agent.