- DO continue to pay all your accounts on time. This includes car/personal loans, credit cards, your current mortgage or rent. Lenders are required to do a "soft-pull" prior to closing on your dream home, to verify payments are current!
- DO keep your credit card balances low, to not change your credit profile too much!
- DO keep working at the same employer and keep your income consistent!
- DO save up as much of your payroll deposits as possible, particularly if your pre-approval requires you to have reserves (money saved in the bank) at the time of closing.
- DO keep sending in your most recent documents as they become available.
- DO let your loan officer know if you have a home in mind, to confirm the property's taxes fit within our purchasing budget!
- DO keep your loan officer informed of any major life changes including your marital status, change in household size.
- DON'T buy or finance anything on credit or open any new credit accounts during the loan process. Changes in your debt will change your Debt-to-Income Ratio (DTI) and affect your qualification. Before closing your loan, a soft credit report is pulled to make sure no new credit was established.
- DON'T have anyone pull your credit during the loan process. This includes insurance agents, rental companies, retail establishments, etc. Lenders are required to review all credit inquiries. This could put your final mortgage loan approval at a higher risk!
- DON'T close any credit accounts. Closing accounts affects your credit score just as opening accounts do!
- DON'T transfer large sums of money between bank accounts, or deposit cash. This includes Venmo, Zelle, Cash App, etc. If you need to do so, check with your loan officer to confirm what additional documentation you will need to provide.
- DON'T take out cash advances or open up a new loan for cash to close or reserves. These sources are not accepted. If you have trouble securing funds, check with your loan officer what your options are!