The process of purchasing a home can be overwhelming and time consuming. Your realtor and loan officer will help outline the process for you, and will be by your side through the entire process. It is important to be available during this process, as it takes prompt time and effort on all ends, including yours.
Consult your loan officer before you make any decisions involving your credit during this escrow period. We are always available to help. During your loan process, there are some things that you'll want to do, and some things you will want to avoid.
Do’s:
Continue to make all payments on time for credit cards, personal loans, car loans, liens, etc.
Contact your insurance agent early in the process and inform them of your new home purchase and ask them to write you a quote.
Promptly provide all documents requested by your loan officer and processor to speed up your closing. Be sure these documents are legible and include all pages.
Make sure your employment, asset, real estate owned, previous addresses, and personal information are correct on your loan application. Take your time to ensure that information is filled out entirely and correctly to avoid discrepancies in your application.
Be prepared to provide your loan officer/processor with more information, documentation and plenty of signatures.
Respond to any requests for information from your loan officer as soon as possible.
Be mindful or wire fraud and other scam emails and phone calls. If you are unsure about an email or phone call, ask your loan officer to be sure.
Don'ts:
Have any new inquiries to your credit after the report is run.
Buy any large appliances, furniture, or make any large purchases that would appear on your credit.
Obtain new credit cards, personal loans, car loans, etc.
Pay off any collections accounts.
Co-sign for anyone for anything credit related.
Quit your job or switch jobs.
Take unpaid leave from work.
Make any large deposits into your bank account that are outside your normal paycheck.
Put money in your bank account that is not yours.
Bounce any checks that would appear on your bank statement.
It is important to be as honest and as accurate as possible when providing information to your loan officer. They are there to help you. Should any of the don’ts occur, make sure to communicate that with your loan officer and they will be happy to work toward a solution. We are here to guide you all the way and answer any questions you may have.
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