Moving Family Forward

Congratulations! You’ve gotten pre-approved and have officially begun the mortgage loan process. Now, what’s the next step? Well, it’s important to keep in mind that the mortgage loan process is just that – a process. So, there are a few housekeeping rules that homebuyers should follow in order to avoid delaying closing or changing approval terms to ensure that process is as smooth and seamless as possible. 

  1. Don't apply for new credit.
    1. A new card or credit application can affect your credit score or credit report, which is a big factor in qualifying for a mortgage. Until closing, it’s best to steer clear of anything that may ding or alter the credit that the lenders are reviewing. 
  2. Keep existing credit cards open.
    1. Don’t close out credit cards, even if you never use them or they have a $0 balance. Credit history is an important part of your credit score, and lenders take that credit history into account during the mortgage loan process. 
  3. Don't max out credit cards.
    1. While the “add to cart” button on Amazon Prime is tempting, be mindful when shopping or spending not to overspend. Check your balance often and be sure to pay your bills on time. 
  4. Don't quit your job.
    1. If you’re thinking of making a career change, wait to put in your two weeks until after closing. We know you’re dreaming of becoming the next big award-winning actor, but we promise the big screen can wait a little longer for your debut. 
  5. Don't consolidate debt.
    1. Tidying up your debt is a good idea, but it can also change your credit profile and even lower your scores. Don’t change anything with your credit profile until after you have closed your loan.
  6. Don't make large purchases. 
    1. Now is not the best time to buy a new boat to take out on the lake this summer, or a Porsche to cruise around town. Oh, and maybe wait about redecorating the living room, too.
  7. Stay current on all credit.
    1. Make sure that you are always paying your credit card balance in full and on time. 
  8. Don't make large deposits.
    1. This can raise some questions among underwriters for your loan, as you may be asked to verify or source your deposit. 

Call us! We're here to help!

As your mortgage experts, our number one priority is serving you. Never hesitate to reach out to your mortgage loan officer with any questions or concerns.