Things you should DO to help ensure an effortless loan process:
DO….
- Continue making your mortgage or rent payments as scheduled
- Stay current on all existing credit accounts
- Keep working at your current employer
- Continue living at your current residence
- Continue to keep your credit lines below 50% of their limits
- Make sure to install a Smoke and CO2 alarm/detector before appraiser comes to inspect your home if refinancing
- Remind your real estate agent to insure the home you are purchasing has a Smoke Alarm and CO2 detector installed before an appraiser comes to inspect the home, if not it could create delays and cost YOU money for appraiser to re-inspection
- Make sure your hot water heater is double strapped in case of an earthquake. If purchasing a home, make sure this has been completed before an appraiser inspects the home
- Purchases – provide escrow with vesting (how you intend to hold title) and Insurance
- Purchases – make sure your Earnest Money Deposit (EMD) comes from your verified accounts
- Make sure funds due to close come from verified accounts
DO NOT do these things or they can create delays with your loan approval:
DO NOT…
- Apply or finance a major purchase of any kind (no matter how small you may think it is)
- Apply for new credit cards (even if you think you are pre-approved or being offered “zero” interest)
- Apply for new auto loan, refinance or new
- Open a new credit card
- Transfer any balances from one account to another
- Pay off charge offs without a discussion with us first
- Pay off collections without a discussion with us first
- Close any credit card accounts
- Change bank accounts
- Max out or over charge on your credit card accounts
- Consolidate your debt onto 1 or 2 credit cards
- Finance any elective medical procedure
- Open a new cellular phone account
- Pay off any loans or credit cards without discussing it with us
Call us if you have any questions or concerns, especially if any of the above changes!
