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Do's & Dont's

Best practices and rules to follow during the mortgage process.

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We want you to have a smooth and successful home loan experience. That's why we suggest some guidelines and tips that can help you avoid any delays or issues with your loan approval. Below, you can find a brief list of things to do and not to do that can affect the process. Please pay attention to these points.

 

Do: 

  • Check your credit score and report before applying for a mortgage.
    Make sure there are no errors or negative items that could lower your score or affect your eligibility.
     
  • Save up for a down payment and closing costs.
    The more money you can put down, the lower your interest rate and monthly payment will be. You may also qualify for better loan programs or avoid private mortgage insurance (PMI).
     
  • Get pre-approved for a mortgage before you start house hunting.
    This will show sellers that you are serious and ready to buy. It will also help you narrow down your options and budget.
     
  • Shop around for the best mortgage rate and terms.
    Compare different lenders, loan types, fees, and features. Don't just settle for the first offer you get.
     
  • Communicate with your lender and real estate agent throughout the process.
    Provide any documents or information they request as soon as possible. Ask questions if you don't understand something or need clarification.
     
  • Continue making your mortgage or rent payments
     
  • Stay current on all existing accounts
     
  • Keep working at your current employer
     
  • Keep your same insurance company
     
  • Continue living at your current residence
     
  • Continue to use your credit as normal
     
  • Call us if you have any questions

 


 

Don't:

  • Make any large purchases, take out a new loan or apply for new credit during the mortgage process.
    This could change your debt-to-income ratio, lower your credit score, or trigger a red flag for fraud. Wait until after you close on your home to buy new furniture, appliances, cars, etc.
     
  • Change jobs or income sources during the mortgage process.
    Lenders will verify your employment and income stability before approving your loan. If you switch jobs or lose income, it could delay or derail your approval.
     
  • Miss any payments or incur any late fees on your existing debts during the mortgage process.
    This could also lower your credit score or raise red flags for lenders. Keep paying all your bills on time and in full until you close on your home.
     
  • Make any changes to the contract or the property without consulting your lender and real estate agent.
    If you want to negotiate the price, ask for repairs, or make any alterations to the home, make sure you get approval from all parties involved. Otherwise, you could risk losing your earnest money deposit or violating the terms of the loan.
     
  • Sign anything you don't understand or agree with during the closing.
    Read all the documents carefully and ask questions if something is unclear or incorrect. Don't let anyone pressure you into signing something you are not comfortable with.
     
  • Transfer any balances from one account to another
     
  • Pay off charge offs without discussing with us first
     
  • Pay off collections without discussing with us first
     
  • Close any credit card account
     
  • Change bank accounts
     
  • Max out or over charge your credit card accounts
     
  • Consolidate your debt onto 1 or 2 credit cards
     
  • Start any home improvement projects
     
  • Co-sign any loans or credit cards for anyone (including family members)

 

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