Do's and Don'ts of the Home Loan Process

There are certain “Do’s and Don’ts”of the home loan process which may affect the outcome of the ability to purchase a home. These remain in effect before, during, and after loan approval up until the day of funding your loan and closing. Many times credit, income, and assets are verified days or hours before you have signed your final loan documents.

 

 

MAKE SURE THAT YOU DO NOT:

 

• Don’t buy a car
• Don’t get married or divorced
• Don’t change professions or start your own business
• Don’t change bank accounts
• Don’t buy ANYTHING! (appliances, furniture, etc.)
• Don't co-sign a loan for ANYBODY else
• Don't buy a new vehicle
• Don’t throw away documents
• Don’t get lazy with monthly bills and incur any late payments
• Don’t let anyone run your credit or apply for any credit cards
• Don't pay off any old debt collections unless instructed to do so by your lender

 

MAKE SURE THAT YOU DO:

 

• Do keep all accounts current, including mortgage, car loans, credit cards, etc.
• Do contact both your lender anytime a question may arise
• Do make all payments on or before due dates on all accounts, even if the  account is being paid off with your new loan
• Do return phone calls from your agent, loan officer, Settlement Company, or anyone else involved in your transaction ASAP. Time is of the essence.