You got your loan approval, congratulations! But the work is not done. Now you need to make sure you don’t mess up that approval. Follow these do’s and don’ts to stay approved and it should be smooth sailing!
Don’ts to stay approved
Don’t make any large purchases.
The additional debt or reduction in your assets will affect your loan approval.
Don’t apply for new credit.
Even if you don’t open the account, the inquiry could affect your credit score
Don’t pay off any collections without consulting your loan officer.
Paying them off could lower your credit score in the short term.
Don’t change bank accounts, move money around or make cash deposits.
All funds have to be property documented which means that you will be creating additional paperwork for yourself and possibly causing a delay in your closing.
Don’t change jobs or give notice.
Your employment and income are a huge portion of your loan qualification. All lenders verify employment for underwriting approval but also 24-48 hours before the loan closes. If you no longer work at the same job or you have given notice, your loan will come to a complete halt.
Don’t give notice to your landlord before consulting with your loan officer.
You want to make sure that you give yourself enough time make the transition from your current home to your new one.
Do’s to stay approved
Do stay current on all of your accounts.
Missing a payment will affect your credit scores which could in turn void your approval
Do continue to keep your paperwork organized.
Be prepared for any last minute requests from the underwriter.
Do respond to your loan officer’s calls and requests as promptly as possible. Though the loan officer and mortgage company are tasked with getting your loan closed on time, nothing can happen without your cooperation.
Do ask questions.
Your loan officer is there to guide you through the process. Don’t rely on searched on the internet or assume you can figure it out.
These Do’s and Don’ts to stay approved is not everything you have to keep an eye on but it will get you well on your way.
So, there you have it. A quick look at the do’s and don’ts to stay approved
If you have any questions on this topic or any other mortgage-related topic, by all means reach out to me.
Give me a call – (858) 3-LOANS-3
Text LOANINFO to 44222
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