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DO’S AND DON’TS FOR BORROWERS DURING PROCESSING
During the processing of your loan there are certain Do’s and Don’ts which may affect the outcome of your loan request. These remain in effect not only until your loan is approved, but also until the loan is actually closed, funded and recorded. Many times credit, income and assets are re-verified after you have signed your financial loan documents. We suggest that you comply with this list.
Make sure you do NOT:
- Quit your job or get another job unless it is in the same line of work and for equal or more money.
- Please call if this occurs as it can affect the timing of closing on your new loan.
- Allow anyone to make an inquiry on your credit report.
- Change bank accounts or transfer money within your existing accounts. We understand that this is necessary at times but be prepared to provide complete documentation to trace any transfer of funds.
- Co-sign for anyone.
- Purchase an auto or take on any additional debt.
- Purchase any other real estate.
- Apply for credit anywhere or complete any other credit application.
- Charge any additional debt on any current credit (do not run up your credit cards).
- Start any home improvements that are not a condition of the loan.
Make sure you DO:
- Keep all accounts current, including rent, mortgages, car payments, credit cards, etc…
- Keep copies of all paycheck stubs, bank statements and any statements on bills being paid off through this loan.
- Make payments on all accounts on or before the due date, even if the account is being paid off with your new loan.
