Getting a home loan these days is a very interactive process, often times with unforeseen hiccups and bumps along the way. To help avoid any surprises or pitfalls while waiting for final approval, here are a few things you’ll want to keep in mind. Read below for a list of do’s and don’ts when it comes your home loan!
THE DO’S
DO KEEP THE PROCESS MOVING BY RESPONDING TO YOUR LOAN OFFICERS’ REQUESTS FOR DOCUMENTATION AS SOON AS POSSIBLE
DO MAKE DECISIONS AS IS REASONABLY POSSIBLE
DO CONVEY QUESTIONS OR CONCERNS YOU HAVE AS THEY DEVELOP
DO CONTINUE TO MAKE ALL OF YOUR RENT OR MORTGAGE PAYMENTS ON TIME
DO STAY CURRENT ON ALL OTHER EXISTING ACCOUNTS
DO CONTINUE TO WORK YOUR NORMAL WORK SCHEDULE WITH NO UNPLANNED TIME OFF
DO CONTINUE TO USE YOUR CREDIT AS NORMAL
DO BE PREPARED TO EXPLAIN ANY LARGE DEPOSITS IN YOUR BANK ACCOUNTS
DO ENJOY PURCHASING YOUR HOME BUT REMAIN OBJECTIVE THROUGHOUT THE PROCESS TO HELP MAKE DECISIONS THAT ARE BEST FOR YOU
THE DON’TS
DO NOT MAKE ANY MAJOR PURCHASES (CAR, BOAT, JEWELRY, FURNITURE, ETC…)
DO NOT APPLY FOR NEW CREDIT (EVEN IF IT SAYS YOU ARE PRE-APPROVED)
DO NOT PAY OFF CHARGES OR COLLECTIONS (UNLESS DIRECTED BY YOUR LOAN OFFICER TO DO SO)
DO NOT MAKE ANY CHANGES TO YOUR CREDIT PROFILE
DO NOT CHANGE BANK ACCOUNTS
DO NOT MAKE UNUSUAL DEPOSITS INTO YOUR BANK ACCOUNTS OR MOVE MONEY FROM ONE ACCOUNT TO ANOTHER
Following these simple rules will help make your loan closing as smooth and hassle-free as possible!