Blog, The Loan Process

The DO’s and DON’Ts When it Comes to Getting a Loan

Things to avoid before buying a home or refinancing an existing mortgage:

Many new homebuyers make the mistake of rushing out to buy things to fill their home with as soon as the seller accepts their purchase offer and the lender pre-approves their loan. But there are still a few major hurdles to overcome before the keys are handed out. Here are some things to avoid during the home buying process to assure your transaction goes as smoothly as possible:

 TIPS FOR A SMOOTH LOAN APPROVAL 

Here is a list of helpful tips to ensure an effortless loan process.

These DO’s and DON’Ts will help avoid any delays with your loan approval. 

• DO        continue makeing your mortgage or rent payments
• DO        stay current on ALL existing accounts
• DO        keep working at your current employer
• DO        keep your same insurance company (refinance transactions only)
• DO        continue living at your current residence (if you move let us know)
• DO        continue using your credit as normal
• DO        call us if you have any questions (972-422-9016)

-    DON’T        make a major purchase (ex. car, boat, furniture, jewelry, etc)

-    DON’T        apply for new credit (even if you seem “pre-approved)

-    DON’T        open a new credit card

-    DON’T        transfer any balances from one account to another

-    DON’T        pay off any charge offs or collections without discussion with us first

-    DON’T        buy any furniture on credit (we know this is already listed but it’s important!)

-    DON’T        close any credit card accounts

-    DON’T        change bank accounts

-    DON’T        make any strange or large deposits in your accounts (EVEN GIFT FUNDS – call first)

-    DON’T        start any home improvement projects

-    DON’T        finance any electve medical procedures

-    DON’T        pay off any loans or credit cards without discussion with us first