Do's and Don'ts During the Loan Process
To avoid any delays with your loan approval, here's a list of Do's and Don'ts for you to follow throughout the process of your loan transaction.
To avoid any delays with your loan approval, here's a list of Do's and Don'ts for you to follow throughout the process of your loan transaction.
Do
Stay current on all existing accounts
Get pre-approved early
Understand your credit
Talk to your lender if you are considering any decisions that will impact your financial picture
Don't
Make any large purchases! (Car, boat, furniture etc.)
Don't miss bill payments
Apply for a new line of credit
Deposit a large sum of cash or non-traceable funds
Close credit card accounts
Raise red flags to the underwriter (ex: co-signing on another person's loan)
Don't switch jobs
Not Sure? Ask!
Any major changes in personal income, assets or debt can alter the terms of your mortgage offer, or tank it completely. If you're not sure how an action might affect your application, consult with your loan officer.