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6 Things Homebuyers Should Avoid Doing Once They Are Preapproved For A Mortgage
Do's and don'ts image via Shutterstock.Getting a home loan these days is a very interactive process. I am always amazed by how many clients I work with who come to me unaware of all the pitfalls they face during the loan process. To help avoid any surprises while waiting for final approval, I provide my clients with a short list of “do’s and don’ts” to follow.Let’s start with the “do’s” …
- Do keep the process moving by responding to your loan officers’ requests for documentation as soon as possible.
- Do make decisions as soon as is reasonably possible.
- Do convey questions or concerns you have as they develop.
- Do continue to make all of your rent or mortgage payments on time.
- Do stay current on all other existing accounts.
- Do continue to work your normal work schedule with no unplanned time off.
- Do continue to use your credit as normal.
- Do be prepared to explain any large deposits in your bank accounts.
- Do enjoy purchasing your home but remain objective throughout the process to help make decisions that are best for you.
- Do not make any major purchases (car, boat, jewelry, furniture, appliances, etc.).
- Do not apply for any new credit (even if it says you are preapproved or “xxx days same as cash”).
- Do not pay off charges or collections (unless directed by your loan officer to do so).
- Do not make any changes to your credit profile.
- Do not change bank accounts.
- Do not make unusual deposits into your bank accounts or move money around from one account to another.
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