Things Not To Do

 

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 providing 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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