You have done the hard part in the home-buying process and chosen a lender and a real estate agent to work with. You have also gone out and found the home of your dreams! Best of all, your team has done a great job of negotiating the best deal for you.
Now, as a buyer, all you have to do is sit back and wait for your loan to close … right? Wrong!!
Getting a home loan these days is a very interactive process. I am always amazed by how many clients I work with who come to me unaware of all the pitfalls they face during the loan process. To help avoid any surprises while waiting for final approval, I provide my clients with a short list of "do's and don'ts" to follow.
Let's start with the "do's" ...
- Do keep the process moving by responding to your loan officers' requests for documentation as soon as possible.
- Do make decisions as soon as is reasonably possible.
- Do convey questions or concerns you
- Do continue to make all of your rent or mortgage payments on time.
- Do stay current on all other existing accounts.
- Do continue to work your normal work schedule with no unplanned time off.
- Do continue to use your credit as normal.
- Do be prepared to explain any large deposits in your bank accounts.
- Do enjoy purchasing your home but remain objective throughout the process to help make decisions that are best for you.
- Do not make any major purchases (car, boat, jewelry, furniture, appliances, etc.).
- Do not apply for any new credit (even if it says you are preapproved or "xxx days same as cash").
- Do not pay off charges or collections (unless directed by your loan officer to do so).
- Do not make any changes to your credit profile.
- Do not change bank accounts.
- Do not make unusual deposits into your bank accounts or move money around from one account to another.