Attention Buyers! Road Blocks to Avoid While a Mortgage is Being Processed

Attention Buyers! Road Blocks to Avoid While a Mortgage is Being Processed

 
There are some major red flags that can be raised when leading up to a closing.
 
  • Do not change jobs, become self-employed or quit your job.

  • Do not apply for any new credit.

  • Do not buy a vehicle, furniture, appliances or other large purchase.

  • Do not overcharge, take out cash advances or close any existing credit cards.

  • Do not co-sign a loan for anyone else.

  • Do not make any large non-payroll deposit to your bank accounts.

  • Do not switch banks or move money around.
 

Be Aware of Delays:

 

Keep in Mind:

  • Your prompt response to our requests for documents throughout the loan process will be helpful in making a timely decision on your loan.

  • Please respond within 2 business days of each request to avoid delays in approval decision, receipt of required Closing Disclosure and closing scheduling.
 

Keep It Steady:

 
  • Stay Current: Make timely payments on all existing debt, including any mortgages

  • Stay Consistent: Continue to use credit/debit cards as normal

  • Stay Informed: Join a credit watch program

  • Stay Connected: Talk with your loan officer if you have any questions

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