When you’re getting ready to buy a home, one of the biggest steps in the process is submitting your mortgage application. While having submitted the application means “your part” is mostly over, there are a lot of steps your lender still has to take in order to approve your application.
We’ve created this practical checklist which you can use to help your loan process stay on track. Failure to adhere to these few simple rules can cause unnecessary closing delays or jeopardize your approval. And, we know as well as anyone, delays are the last thing you want when you’re so close to moving in to your new home!
- Do: Stay current on all payments on existing accounts.
- Do: Notify your lender of any changes to your contract or loan amount.
- Do: Research and obtain a company for homeowner’s insurance as soon as possible to avoid last minute delays.
- Do: Contact your lender if you receive anything in the mail from a creditor or collection agency that you think may affect your credit score.
- Don’t: Apply for new credit of any kind.
- Don’t: Change employment or your residence prior to closing.
- Don’t: Pay off collections or close credit card accounts.
- Don’t: Co-sign for anyone else’s loan or credit card.
- Don’t: Switch banks or move money around.
- Don’t: Pack away important financial documentation your lender might request. Keep it handy, just in case.
There you have it. Follow these few tips after submitting your mortgage application, and your loan approval and closing will be here before you know it. If one of the don’t items becomes something you must do, contact your lender first! We can help you work it out so it has a minimal impact on your home buying process.