As a borrower, please follow this important checklist for Mortgage DO's and DON'Ts during your loan process to ensure your success in qualifying and closing your mortgage loan.
do's
don'ts
do's
Stay current on ALL your existing credit accounts – pay all your bills on time during the loan process!
Pay revolving credit balances to 30% of the available credit.
Keep all your financial records in good order.
Keep working at the same employer and keep your income consistent.
Turn in all your requested loan documents, inclusive of tax documents & bank statements, within 24 hours of being asked.
Tell your mortgage lender everything when getting pre-approved. Transparency is crucial!
don'ts
Quit your job! Lenders will verify your employment.
Apply for any new credit of any kind.
Pay off any collections unless told to do so by your loan officer.
Close credit card accounts.
Change jobs during the process of buying a home.
Make large cash deposits into your account for 60 days prior to your loan application.
Transfer credit card balances during the loan process.
Take cash advances on credit lines for money to purchase the home.
