Do’s and Don’ts of Buyer Loan Approval
Buying a home is exciting! It’s a new start – decorating, buying furniture. Sometimes homebuyers get caught up in all the excitement. And sometimes THAT can cause problems.
When you and I work together I make sure you have the best opportunity to close on your new home once your offer is accepted and we’re under contract.
Whether you’re a first time home buyer or a seasoned pro, here a some tips to keep you on track for closing once your contract is accepted – because those mortgage underwriters are really strict and they do pull your credit within 24 hours of closing to make sure there are no changes.
- DO Pay all bills on time!
- DO Maintain copies of pay stubs, bank statements, and all other documents that might be needed
- DO Inform the loan officer right away of any changes that might affect the loan application whether there’s a change in your employment status, change in income either up or down because your loan officer WILL FIND OUT
- DON’T Make any LARGE purchases such as cars, furniture, opening that store credit card to get the 10% discount
- DON’T Change employers, move or change address
- DON’T Max out or close any of your existing credit cards. Changes to your credit status can effect your ability to qualify for your loan.
- DON’T Co-sign on a loan for another person, even if it’s a family member or close personal friend
- DON’T Let your checking or savings accounts get overdrawn.
- DON’T Allow for unnecessary credit checks (store layaway, credit card or phone solicitations)
- DON’T Make any cash deposits over $500. Talk to your loan officer before you make any large deposit or withdrawals. The underwriters will ask for letters of explanation.
- DON’T Reduce your hours at work voluntarily!
Follow these recommendations and your loan underwriting process will be much easier. I’m here to answer any Real Estate related questions.
Remember, for your real estate dreams, don’t get antsy, just call Nancy!