Things Not To Do When Buying a Home

Below is a list of the most common borrower oversights that may impact a loan approval and/or timing.

 

Do not apply/open any new credit cards or credit lines

  • This may reduce your credit scores and cause your interest rate to rise and/or result in loan denial

Do not buy/lease a new auto without consulting the loan officer

  • This may reduce your credit scores and cause your interest rate to rise and/or result in loan denial

Do not deposit any cash into accounts without consulting the loan officer

  • Cash deposits require documentation. If you cannot document, this could lead to major delays.

Do not change jobs without consulting the loan officer

  • Proper documentation must be in order and cleared through the underwriter.

Do not schedule moving trucks without a ‘clear-to-close’

  • Do not schedule moving trucks until you get the ok from the loan officer.

Do not forget to pay your bills

  • Credit will be pulled again five days prior to closing in order to confirm all bills are paid and no new credit is obtained.

Do not have anyone write a check for your EMD

  • The check for the deposit on your purchase must come from the loan applicant or approved gift donor.

Do not delay proving the required documentation for your loan approval

  • Submitting all paperwork in a timely fashion will lead to a smooth and effective transaction.

Do not sell personal items then deposit cash

  • A deposit without a paper trail can lead to loan denial.

Do not forget to check your junk email

  • Important emails may end up in your spam/junk folders.

 

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