Home Loan Process: Do's Dont's
You've applied for a new home loan and have been approved, it's an exciting and critical time. Minor changes in your financial status can tip the waves of approval in the wrong direction. Make sure the tide of your loan process is smooth and follow these do's and don'ts don't apply for new credit or give your personal information to anyone else who might run your credit report.
- Credit inquiries may hurt your score. Do wait to buy a new car, boat or appliance until after your loan has funded.
- Don’t make career moves. Your mortgage lender must verify your employment, so it’s crucial to maintain your employment status.
- Do keep copies of important financial documents, check stubs, W-2s, tax returns, bank and investment account statements, rental agreements, etc. If asked to provide any of this information, you'll be ready.
- Don’t make large deposits into your bank account unless 100% necessary. If you must, then save the documentation which shows where the funds came from.
- Do complete all necessary documentation. If you'll be receiving and using a gift as a down payment, have the donor provide the funds as soon as possible. And don't forget to say thank you.
- Don’t keep cash in a safe or an overseas account if you plan to use these funds as a down payment, enquire about how and when would be the best time to put funds into your US. Bank account if needed.
- Do look for homeowners insurance. Provide the name and phone number of your homeowners insurance agent to your escrow officer. Experience smooth sailing when getting your home loan funded.