Do:
- Continue to make your mortgage or rent payments on time
- Stay current on all existing accounts
- Continue to work for the same employer
- Continue living at your current residence
- Keep credit card balances at or below 40% of credit limits
- Turn in all requested documents to your lender as soon as possible
- Communicate, communicate, communicate! Call the lender BEFORE doing anything regarding your employment, credit cards, or assets
- Inform you lender and title company of any changes in your marital status that will happen before close of escrow
Don't:
- Change your circumstances from the information originally given on your loan application, if anything changes let the lender know immediately
- Make a major purchase (car, boat, appliance, etc.)
- Apply for new credit or loans of any kind
- Quit your job or change employment
- Co-sign for anything with anyone
- Get your earnest money funds from a bank account that is not yours
- Take cash to get a cashier’s check unless you can document it
- Shred documents the lender may need for your file i.e., bank statements, pay stubs
- 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
- Borrow money
- Transfer checking or saving balances from one account to another
- Max out or over charge existing credit cards
- Plan a vacation during your loan transaction without informing your loan officer
