Borrower’s Guide to Loan Processing:
There are certain “Do’s and Don’ts” which may affect the outcome of a loan request. These remain in effect before, during, and after loan approval up until the time of settlement when your loan is funded and recorded. Many times credit, income, and assets are verified the hour before you sign your final loan documents. Here is a list of things you should comply with to ensure a smooth closing:
MAKE SURE THAT YOU DO NOT: Do any of the things that may alter your credit and may risk you obtaining your loan. These things may put you in default of your purchase and sale agreement and may put your earnest money deposit at risk.
Do NOT quit your job or change jobs. If this is likely, consult with your loan officer beforehand if possible.
Do NOT apply for credit anywhere else except with your lender. This causes more “hits” on your credit score.
Do NOT change bank accounts or transfer money within your existing accounts.
Do NOT co-sign for anyone, for any reason.
Do NOT purchase or attempt to purchase anything else on credit such as another car, truck, boat, furniture or other real estate.
Do NOT charge any abnormal amounts to your credit cards or credit lines.
Do NOT send in late payments, or incur late fees for anything.
Do NOT wait longer than the time frame given per your contact to provide all necessary paperwork and information to your lender when requested.
MAKE SURE THAT YOU DO:
DO keep all accounts current, including mortgages, car loans, credit cards, etc.
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 within 2 hours of a message.
DO contact both your lender and your real estate agent anytime a question may arise.