Do's and Don'ts During Your Loan Process

To help avoid any delays with your loan approval, we have created a list of  Do’s and Don’ts for you to follow during your loan transaction to make things as smooth as possible.

 

Do

  • Continue to make your mortgage or rent payments on time

  • Stay current on all existing accounts

  • Continue to work for the same employer

  • Continue to use the same insurance company

  • Continue living at your current residence

  • Continue to use your credit card as you normally would

  • Keep credit card balances at or below 40% of credit limits

  • Call us before doing anything regarding your employment, credit cards or assets.

 

Don't

  • Make a major purchase (car, boat, etc.)

  • Apply for new credit or loans of any kind

  • Pay off any collections or charge-offs before consultation

  • Change bank accounts or banks unless advised

  • Consolidate your debt into fewer accounts

  • Start any home improvement projects

  • Deposit cash or non-traceable funds

  • Close credit card accounts

  • Borrow money

  • Transfer checking or savings balances from one account to another

  • Max out or over charge existing cards

  • Raise red flags to the underwriter (i.e. co-signing on another person’s loan, change your name and address)

  • Plan a vacation during your loan transaction without informing your loan officer

  • Do not give notice to your landlord before consulting with your loan officer

 

Very Important!

Do not incur any additional debt during the loan process. This could potentially have an adverse effect on our ability to offer you financing. This also includes raising balances on existing credit cards. We understand that special circumstances might arise during your transaction. Please contact us should you have any concerns or questions.