503-799-3711 • workshopteam@rate.com • The Workshop Team @ Rate
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No Surprises = Less Stress = Smoother Loan

You know that scene in The Matrix? The one where everything slows down and Neo can dodge bullets? Let’s turn you into Neo. (Trenchcoat optional.)

With a few simple (and mostly common-sense) tips, we can help you help us help you (😝) dodge common lending hazards and pave the way to a speedy, smooth, stress-free mortgage process.

So please read through these practical tips. And don’t skip the “asset” section—you’ll find it especially rewarding. (Hint, hint. 😉)

(Prefer a PDF to read offline? Download that here.)

Pro tips for a successful mortgage transaction, Processing, Underwriting, Conditional Approval, Home Loan Closing

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Help Us
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Pro tips for homebuyers: Timing and Communication

Pro tips: Timing & Communication

  • Be timely: When we request information, a document, or a signature, complete it within 24-48 hours.
  • Be available: We’ll need you to review and provide documents and information, sign things, and answer questions.
  • Download the Rate app: Stay on top of the loan process, share and sign documents from the convenience of the device already glued to your hand. Get the app here.
  • Add us to your address book: We send status updates from workshopteam@rate.com. They’re less valuable when hidden in your spam folder. We’ll introduce each teammate working on your loan.
  • Check email, voicemail, and texts: Yeah, we kinda hate email, too. Alas, it’s the best mode of communication for much of the mortgage process, so keep an eye on your inbox. But we’ll text, hop on a call, or set up a virtual meeting when appropriate. Let us know your communication preferences.
Pro tips for homebuyers: Whereabouts

Pro tips: Your Whereabouts

  • Don’t go on vacation: Did the perfect property pop up right before a trip? Let us know, and we’ll do our best to work with your schedule and keep things on track.
  • Keep tabs on cosigners: If someone is cosigning for you, they need to be available, too.
  • Closing is (mostly) IRL: The loan process is digital – except for the grand finale. Closing still involves showing up (in person) to put your John Hancock on a (literal) (physical) stack of papers. However, if your state and settlement agent allow it, we may be able to move your signing online. Interested in signing digitally? Let us know.
Pro tips for homebuyers: Documentation

Pro tips: Documentation

  • Dig up passwords: Online banking, your payroll portal, and other digital resources are the fastest path to the documentation paperwork we’ll need for your loan.
  • Leverage your pros: Missing a document? Only have a paper copy of something and no means to scan it? Contact your CPA, attorney, financial planner, or insurance agent for help getting documentation.
  • Don’t pack financial documents: Keep tax and financial records accessible (not at the bottom of a box at the bottom of a pile).
  • Save and send all pages: Yup. We really do want every page of every document we request. Even the one that says, “This page is intentionally blank.”
  • If it has a dollar sign, save It: You never know what we might need for documentation — better “save” than sorry.
  • Don’t shred stuff: If you’re a compulsive shredder, put some masking tape on that bad boy until closing.
Pro tips for homebuyers: Employment and Income

Pro tips: Employment & Income

  • Don’t quit or change jobs: Status quo in employment is your friend. But if you must change jobs, let us know ahead of time.
  • Tell us about time off: Parental, medical, or any other time off work can impact your loan — keep us posted. And tell us about any leave in the past 2 years.
  • Is anything changing? If your pay, hours, or schedule will change before you close, we want to know about it.
  • Employment verification: Just before closing, we’ll re-verify your employment. We may enlist your help tracking down the best person or place.
Pro tips for homebuyers: Assets and Money for Closing

Pro tips: Assets & Money for Closing

  • Keep us posted on your dough: Fill us in on every source of funds you will (or may) use to fund your home purchase, and let us know if anything changes. Unexpected gift? Hit the jackpot in Vegas? Fill us in!
  • Certified funds only: Funds for closing can only be a cashier’s check or wire transfer (no personal checks, no cash) and must be to your closing agent a business day before closing.
  • Think about lead time: Selling stock? Getting a gift? Borrowing from a HELOC or 401(k)? Sending a wire? These things take time – and your bank may place a hold on any non-digital funds transfers. Aim to have all funds liquid (in a savings, checking, or money market account) at least a week before closing. Send wires a day before funds need to arrive.
  • Still banking “back home”? Accessing money in a bank without a local branch can be tricky and time-consuming. Find out your bank’s policies and plan accordingly.
  • Track money moves: Transferring funds from one account to another? We’ll need to document both ends of each transfer. Less movement of funds = less paperwork. Pro tip: It’s fine to send money to closing from more than one account, so there’s no need to consolidate.
  • Don’t open or close accounts: Accessing records for new or newly closed accounts can be tricky.
  • Getting a Gift? Gifts are a-okay in most circumstances but require specific documentation. Let us know the moment you hear a gift is on the way – before you receive it. We’ll explain how to minimize paperwork for you and your generous family member.
  • You found it…the Secret Toy Surprise! Congratulations! Okay, okay, it’s more of a treat than a toy. But email me with the subject line, “I want my coffee card!” and your next cuppa Joe is on me.
  • Inheritance coming your way? We’ll need a copy of the will or letter from the personal representative.
  • Do. Not. Deposit. Cash. We need documentation for the source of deposits to your bank accounts. That’s difficult-to-impossible with a pile of green dollar bills. Before depositing cash, talk to us.
  • Let us know about crypto: Many loan programs allow cryptocurrency as a source of down payment, but we’ll need to document the transfer from your crypto wallet to fiat currency.
  • Unsecured loans = Nope: If you’re short on funds to close, you can’t use a credit card advance or other unsecured loan to cover the gap. Talk to us to figure out a plan.
Pro tips for homebuyers: Credit and Debts

Pro tips: Credit & Debts

  • Register at OptOutPrescreen.com: Unless you opt-out, the credit bureaus can sell your contact information to telemarketing companies. Skip opting out, and your phone will explode with unsolicited calls when we check your credit.
  • No new credit: Opening a new credit card, line of credit, or other new debt can cause delays or problems getting loan approval.
  • No big purchases: No matter how excited you are about furnishing your new home or how tempting the Memorial Day sale may be, wait until after closing to buy that new couch, fridge, or (especially) car or truck.
  • Check before paying off bills: Paying off debt (even with money you’re not planning to bring to closing) could negatively affect your credit or deplete the funds we need for your loan approval. Talk to us first.
  • Pay debt to qualify through closing: If you’re paying off debt to qualify for your loan, we recommend paying through your settlement agent at closing. The paperwork required to document payments made outside of closing is a hassle and can cause delays.
  • Pay bills on time: Shocking advice, I know. But you’re busy and have a lot going on, so stay vigilant. Even a minor missed payment can hurt your credit, increase costs, or cause problems securing your loan.
  • Keep credit use low: Next to paying on time, the best way to protect your credit is to keep revolving accounts (like credit cards) at the same or lower balance. A balance at or below 30% of your limit is ideal.
  • Don’t cosign: Cosigning for a new lease, loan, or other debt is no different than taking out new debt of your own.
  • Student loans: Don’t change your payment plan before talking to us.
Pro tips for homebuyers: Legal and Tax Matters

Pro tips: Legal & Tax Matters

  • Vesting: It’s more than a sartorial choice. Vesting is how you’ll hold title to the property and can have legal and tax implications. Let us know your preferred vesting and if you’d like a referral to an attorney for help understanding your options.
  • What’s in a name? Let us know if you’ve changed your name and your ID or credit history hasn’t yet caught up. A mismatch between your loan, credit report, or ID can stall closing.
  • Liens, judgments, or lawsuits: Let us know if these are part of your world. Closing may only be possible after they’re resolved.
  • Child support or alimony: If you pay either, let us know so we can get the appropriate paperwork and include this expense when calculating your debt-to-income ratio.
  • Don’t file for divorce: Filing for divorce while midstream on a loan can delay closing until you can provide a final signed divorce decree or signed financial settlement agreement.
  • Tax filing: Provide tax returns for (only) the specific years we request. Include all pages, schedules, statements, and amended returns or extensions. Don’t file a new year’s tax return without talking to us first.
  • Unpaid taxes or tax payment plans: Let us know if you have any unpaid Federal taxes for prior years or if you’re on a payment plan with the IRS.
Pro tips for homebuyers: Homeowners Insurance

Pro tips: Homeowners Insurance

  • Shop early: Getting quotes and choosing an agent can take some time. Some homes can be tricky to insure. Start working on insurance early to avoid delays.
  • Agent contact information: Once you’ve settled on an agent, share their contact information.
  • Premium: When you get a quote, share it with us. We’ll update our estimates to reflect the actual premium.
  • Notify your agent about your move: If you’re keeping the same agent, don’t forget to tell them you’re moving. They need time to set up your new policy.
  • Don’t prepay: Prepaying insurance outside of closing triggers extra paperwork. We recommend paying the first year of insurance through closing. Flood insurance is the exception — it’s typically paid in advance.
Pro tips for homebuyers: Miscellaneous advice

Pro tips: Et cetera, Miscellany & Sundry

  • Are you a military veteran? Let us know if you’ve served in our nation’s armed forces. Veterans may be eligible for special loan programs we’ll want to explore.
  • Wire fraud alert! Some people suck. We don’t want you to fall victim to wire fraud. Before sending a wire, verify the instructions by phone using a trusted number. Google the person or company and cross-check the number on their website. Be highly suspicious of last-minute changes.
  • When in Doubt, Keep Us in the Loop: Any changes in your financial world — big or small — could matter. We might need documentation, and it’s better to overshare than overlook something.

Connect with us on YouTube…

We have a growing YouTube library of videos covering every part of the mortgage process. Head over and explore, and don’t forget to subscribe (and turn on notifications so you don’t miss new videos!)

If you are confused by mortgage rates and rate locks, this video is a great explainer for where rates come from and what governs mortgage rate fluctuations.

This video guide will walk you through how temporary buydowns actually work, as well as the pros and cons, and an alternative, if you decide a buydown is not for you.

If you start getting phone calls after applying for a mortgage, please know that we did not (and would never) give your information out! This video will help you understand trigger leads and what you can do to stop the madness.

Explore our PDF library…

With your offer accepted, it’s time to swing into action. Here are some downloadable PDFs to help guide you through gathering what you’ll need in the coming weeks.

Offer accepted - document checklist too help you gather what we’ll need, processing your loan

Downloadable PDF

Document
checklist

Gift Funds: Your Guide to Documentation, processing, underwriting

Downloadable PDF

Gift Fund
Documentation

Pro tips for a successful mortgage transaction, processing, underwriting, conditional approval, home loan closing

Downloadable PDF

Help us help you

Guide to Documenting Your Assets, Offer Accepted, Initial Loan Document guide, Processing

Downloadable PDF

Asset
Documentation

An outline of estimated closing costs, Initial Loan Document guide, Conditional Approval, Home loan closing, Processing, Underwriting

Downloadable PDF

Closing Costs

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The Workshop Team are Employees of Rate, Inc.