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.
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.
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
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
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.