Smart tips
Do's & Don'ts
Do's & Don'ts
of the loan process
From application to closing, a few simple habits keep your loan on track. Here is what to do — and what to avoid — so there are no surprises on the way to the closing table.
Closing, simplified
Keep your loan on track
Lenders re-check your credit, income and assets right up until closing. Following these tips helps everything run smoother.
Do's
Habits that keep things moving
8
- Provide all requested financial documentation within 24 hours
- Disclose all of the income you would like considered for qualifying
- Disclose all of your debts (side business, alimony, child support, additional real estate owned, etc.)
- Be upfront about your credit — good, bad or otherwise
- Pay all of your bills on time (mortgage, rent, car payments, credit cards, etc.)
- Keep using your credit cards as you normally would, but not excessively
- Make your spouse available to sign at closing if you are buying a primary residence
- Stay in touch with your loan officer throughout the process
Don'ts
Changes that can delay or derail your loan
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Without talking to your loan officer first.
- Change or quit your job
- Apply for new credit or loans of any kind
- Pay off debts, collections or charge-offs (unless your loan officer advises it)
- Move
- Co-sign or become a co-borrower on any other loan
- Make major changes to how your assets are held
- Make cash deposits into your bank accounts
Not sure about something?
Ask before you act. A quick call now can save your closing date later.
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