Important Dos 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 until the loan is actually funded and recorded. Many times credit, income and assets are re-verified by the lender after you have signed your final loan documents. We suggest the following:
MAKE SURE YOU DO NOT:
- Get behind on any existing bills.
- Quit your job or get another job unless it is in the same line of work and for equal or more money.
- Allow anyone to make an inquiry on your credit report.
- Change bank accounts or transfer money without providing a detailed paper trail.
- Co-sign for anyone.
- Purchase an automobile 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.
- Start any home improvements that are not a condition of the loan.
- Make large cash deposits
MAKE SURE YOU DO:
- Keep all accounts current; mortgages, car payments, credit cards, etc.
- Please call us anytime a question may arise.
- Keep copies of all paycheck stubs and bank statements.
- Keep copies of all bills being paid off during this loan, and their receipts.
- Make payments on all accounts on or before due date, even if the account is being paid off with your new loan.