Many anticipating home buyers are often surprised to learn that something that they have done during the application process has hung up the progression. Some items can even cause the application to be denied. Buying a home should be an exciting time, and we’d like to keep it that way. So, here are some tips to keep in mind when you step out to buy your own.
PLEASE DO NOT:
- Change your job.
- Allow anyone to make an inquiry on your credit report.
- Change bank accounts or make large transfers of money within your existing bank accounts.
- Co-sign for anyone.
- Make large purchases or acquire additional debt.
- Apply for credit anywhere or complete any other credit applications.
- Charge any additional debt on any current credit.
- If refinancing, start any home improvements that are not a condition of this loan.
- Keep all accounts current, such as mortgages, car payments, and credit cards. Even if these accounts will be paid off with the new loan, continue making the regular payment until then.
- Keep copies of all check stubs and statements for any bills being paid off with the proceeds of this loan.
- Document the source of large deposits with a copy of check stub.
- Document assets you’re selling with the stub or bill of sale.
- Talk to your lender before accepting significant money gifts.
- Keep all financial papers like statements, tax returns, and settlement sheets from the past year.
- Please call us anytime a question may arise.
Once your loan has been recorded and fully funded, you are free to resume your regular habits or needed activity. The best rule of thumb is that if you question it, ask your loan officer. That’s what we’re here for!