THE DO'S AND DON'TS DURING THE LOAN PROCESS
Your credit, income and asset situation is critical to maintain during the loan process. Here are some "do's and don'ts" to follow once you have decided to buy a home.
Our goal is your successful closing!
- DO...Stay current on all existing credit accounts. Make those payments on time!
- DO...continue using all your existing credit as normal, but without large purchases
- DO...provide all documents requested up front and keep original paystubs, bank statements, tax returns and other financial documentation handy. You may be required to update your loan file during the process.
- DO...notify us if you are planning on receiving any gift funds for the down payment or closing costs.
- DO...notify us if you have any financial expenditures coming up during our loan process that will lower your assets.
- DO...notify us if you have any upcoming employment changes, raises, promotions, change in pay structure etc.
- DO...respond promptly to all requests to provide documentation, sign documents, answer questions etc.
- DO...notify us if you are going on vacation at any time during the process.
- DO...be flexible and make yourself available for your home inspection and your closing appointment.
- DON'T...apply for any new credit, open any new credit accounts or close any currently opened credit accounts.
- DON'T...make any large purchases on your current credit accounts or increase your spending on current credit accounts.
- DON'T...co-sign for anyone else for a home or car loan or any other type of credit.
- DON'T...dispute any credit accounts on your credit report before or during the loan process - disputed accounts can alter your credit score.
- DON'T...pay off any collections or charge-offs on your credit report unless advised by a credit professional or your mortgage consultant. Activating these accounts by taking action may alter your credit score.
- DON'T...make any type of employment or compensation changes without notifying your mortgage consultant.
- DON'T...close any bank accounts, open new bank accounts or move money around between accounts.
- DON'T...deposit cash to your bank account without contacting your mortgage consultant to discuss the requirements of documentation and whether or not it will be accepted as funds for closing.
Trusted Mortgage Advisors
Get started with a one-on-one consultation with a BMC Keystone Mortgage Professional.
- Understand the mortgage loan process
- Learn which type of mortgage is the best match for you
- Know your credit scores and how they affect your rates
- Know how much house you can afford
- Overcome credit issues so that you can get the lowest possible rate
- Get a letter of pre-qualification