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THE THINGS TO DO AND NOT TO DO
WHILE YOUR LOAN IS BEING
PROCESSED!!!
(& most are applicable after you close too!)
DO pay all your bills on time while your loan is being processed, and of course after the loan closes J
DO let the appraiser in right away (if applicable).
DON’T let anyone pull your credit and/or apply for new debt or credit cards.
DON’T fall for cold calls or phone calls saying they "know your doing a mortgage", and they can do better! Such tactics are unethical, and typically this information is gotten by paying off the credit bureaus for these private details.
DON'T switch banks or move money around. As your lender reviews your loan package, you will likely be asked to provide bank statements for the last two or three months on your checking accounts, savings accounts, money market funds and other liquid assets. To eliminate potential fraud, most loans require a thorough paper trail to document the source of all funds. Changing banks or transferring money to another account - even if it's just to consolidate funds - could make it difficult for the lender to document your funds.
DON’T transfer credit cards balances between accounts and don’t close any
accounts without telling us. Don't make a major credit purchase or use your credit card(s) without letting us know.
DON’T co-sign a loan with anyone.
DON’T quit your job!!! Lenders like to see a consistent job history. Generally, changing jobs will not affect your ability to qualify for a mortgage loan - especially if you are going to be making more money. But for some people, getting a new job during the loan approval process could raise some concern and affect your application. Let me know though if you have no choice!
DON'T make an expensive purchase. It may be tempting to order that new sofa for your soon-to-be living room, but its best to avoid making major purchases like furniture, cars, appliances, electronic equipment, jewelry, or vacations until after the closing. Financing that furniture with a store credit card or even one of your own credit cards could jeopardize your credit worthiness during the time it means the most. Using cash to purchase big items can also create a problem because many banks take into consideration your cash reserves when approving your mortgage.
DON’T hesitate to call me direct if you have any questions at anytime and as often as you feel is needed!
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