10 Dos and Don’ts When Obtaining a Home Loan
Obtaining a home loan is the first and most important part of the home buying process. There are some important first steps that can help make the process smoother and there are some major things to avoid when applying for a home loan. We have outlined the most important dos and don’ts when applying for a home loan so that you can feel confident planning for your future!
Do
- Do keep a paper trail for change offs and/or collection payoffs
- Do keep a paper trail for all non-payroll deposits into your bank account
- Do wire gift funds directly to escrow company
- Do advise your Mortgage Loan Originator of any debts not reporting on your credit report
- Do call your Mortgage Loan Originator if you have questions!
Don’t
- Don’t apply for new credit or make major credit purchases
- Don’t close or max out credit cards AND stay current on payments
- Don’t change jobs
- Don’t switch banks, move your money around or deposit large amounts of cash or non-payroll checks into your bank account
- Don’t leave town for an extended period during escrow
These Top 10 Dos and Don’ts can greatly impact your ability to qualify for a home loan or close on time. It is critical you follow these ten things to help ensure your home loan process goes smoothly. If you have questions and need a lender to talk to, we are more than happy to recommend one that we work well with!
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