There are some important guidelines to follow during your lending process. These do’s and don’ts can be vital to your loan closing smoothly and in a timely manner. If you’re looking to have an easy and stress-free lending experience, review the following list of do’s and don’ts.
DO these things during the home loan process:
- Do call your loan officer if you have any questions
- Do provide all requested documentation to your home loan team promptly and in its entirety
- Do continue living at your current residence
- Do continue to use your credit as normal
- Do keep your same insurance company
- Do stay current on all existing credit accounts
DON’T do these things during the home loan process:
- Don’t change your employment status
- Don’t make any major purchases like a car, furniture, jewelry, etc.
- Don’t change bank accounts
- Don’t make any large cash deposits into your bank accounts
- Don’t transfer any balances from one account to another
- Don’t close any credit card accounts
- Don’t consolidate your debt onto one or two credit cards
- Don’t take out a new loan or co-sign on a loan
- Don’t finance any elective medical procedures
- Don’t start any home improvement projects
- Don’t have your credit pulled or dispute any information on your credit report
If you ever come across a special or unfamiliar situation, it is best to contact your home loan team right away. They will be able to help you determine the correct decision to ensure a smooth loan process and closing.