Homebuyers Should Avoid Doing While Waiting For A Mortgage

Dated: 08/10/2014

Views: 316

You have done the hard part in the homebuying process and chosen a lender and a real estate agent to work with. You have also gone out and found the home of your dreams! Best of all, your team has done a great job of negotiating the best deal for you.Now, as a buyer, all you have to do is sit back and wait for your loan to close … right? Wrong!!shutterstock_199660514
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” …
  1. Do keep the process moving by responding to your loan officers’ requests for documentation as soon as possible.
  2. Do make decisions as soon as is reasonably possible.
  3. Do convey questions or concerns you have as they develop.
  4. Do continue to make all of your rent or mortgage payments on time.
  5. Do stay current on all other existing accounts.
  6. Do continue to work your normal work schedule with no unplanned time off.
  7. Do continue to use your credit as normal.
  8. Do be prepared to explain any large deposits in your bank accounts.
  9. Do enjoy purchasing your home but remain objective throughout the process to help make decisions that are best for you.
After you have been preapproved for your mortgage you will want to refrain from the following …
  1. Do not make any major purchases (car, boat, jewelry, furniture, appliances, etc.).
  2. Do not apply for any new credit (even if it says you are preapproved or “xxx days same as cash”).
  3. Do not pay off charges or collections (unless directed by your loan officer to do so).
  4. Do not make any changes to your credit profile.
  5. Do not change bank accounts.
  6. Do not make unusual deposits into your bank accounts or move money around from one account to another.
Follow these simple rules and you will help to make your loan closing as smooth and hassle-free as possible! Good luck!This article was originally published by Barbara Mooers on Active Rain. Barbara is a loan officer with Primary Residential Mortgage in Tacoma, Washington. Her website is available here.
Blog author image

Jeri Patrick

In today’s complex and difficult real estate market you need a professionals who will do whatever it takes to market and sell your home. Jeri Patrick has a team with an established history of succes....

Want to Advertise on this Site?

Latest Blog Posts

Feb 19 2018 5018 1

Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling!Whether you are buying or selling a home it can be quite the adventure, which is why you need an

Read More

Feb 16 2018 5018 1

Should I Wait Until Next Year to Buy? Or Buy Now? [INFOGRAPHIC]Some Highlights: The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices &

Read More

Feb 15 2018 5018 1

Calm Down! The Real Estate Market is NOT Falling ApartThere has been tremendous volatility in certain markets over the last few weeks (for example, the stock and currency markets). When this

Read More

Feb 14 2018 5018 1

Which Comes First… Marriage or Mortgage?According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the

Read More