Do's and Don'ts of Lending Today

Getting a home loan these days is a very interactive process. We have been told by lenders that they are amazed by how many clients they work with are unaware of all the pitfalls they face during the loan process. To help avoid any surprises while waiting for final approval, we'd like to provide you with a short list of "do's and don'ts" to follow.

Let's start with the "do's" ...
1. Do keep the process moving by responding to your loan officer's requests for documentation as soon as possible.
2. Do make decisions as soon as is reasonably possible.
3. Do convey questions or concerns you have as they develop.
4. Do continue to make all of your rent or mortgage payments on time.
5. Do stay current on all other existing mortgages.
6. Do continue to work your normal work schedule.
7. Do continue to use your credit as normal.
8. Do be prepared to explain any large deposits in your bank accounts.
9. Do enjoy purchasing your home but remain objective throughout the process to help make decisions that are best for you.

After you have been pre-approved for your mortgage you will want to refrain from the following ...
1. Do not make any major purchases (car, boat, jewelry, furniture, etc.)
2. Do not apply for any new credit (even if it says you are pre-approved or "xxx days same as cash").
3. Do not pay off charges or collections (unless directed by your loan officer to do so).
4. Do not make any changes to your credit profile.
5. Do not change bank accounts.
6. Do not make unusual deposits into your bank accounts or move money around from one account to another.

Follow these simple rules and you will help to make your loan closing as smooth and hassle-free as possible!!