Well-qualified borrowers can still run into trouble in the loan process if they don’t follow one important rule: Don’t make any substantive changes to your financial position after your loan application is submitted. Why? Because your lender is working through underwriting between the time you apply and when you close on your loan and any changes can throw a wrench in that process – delaying closing or changing the financing you qualify for all together.

  1. Don't buy a big-ticket item like a car, boat or expensive piece of furniture.
  2. Don't quit or switch jobs.
  3. Don't open or close any lines of credit, including credit cards or other loans.
  4. Don't make large deposits to accounts other than your paychecks.
  5. Don't let someone run a credit check on you, other than your mortgage lender.
  6. Don't pay bills late.
  7. Don't cosign a loan with anyone.
  8. Don't take out any payday loans.
  9. Don't change bank accounts.
  10. Don't ignore questions or deadlines from your lender or real estate agent. Meeting deadlines with timely responses is key to hitting your scheduled closing date so you can move into your new home.

Questions? Get in touch with one of our expert lenders. We're ready to help you make home happen!