6
Things Homebuyers Should Avoid Once They are Preapproved for a Mortgage
By Barbara Mooers
You have done the hard part in the home-buying process and chosen a lender and a real estate agent to work with. You have also gone out and found the home of your dreams! Best of all, your team has done a great job of negotiating the best deal for you.
Now, as a buyer, all you
have to do is sit back and wait for your loan to close … right? Wrong!!
Getting a home loan
these days is a very interactive process. I am always amazed by how many
clients I work with who come to me unaware of all the pitfalls they face during
the loan process. To help avoid any surprises while waiting for final approval,
I provide my clients with a short list of "do's and don'ts" to
follow.
Let's start with the
"do's" ...
1.
Do keep the process
moving by responding to your loan officers' requests for documentation as soon
as possible.
2.
Do make decisions as
soon as is reasonably possible.
3.
Do convey questions or
concerns you
4.
Do continue to make all
of your rent or mortgage payments on time.
5.
Do stay current on all
other existing accounts.
6.
Do continue to work your
normal work schedule with no unplanned time off.
7.
Do continue to use your
credit as normal.
8.
Do be prepared to
explain any large deposits in your bank accounts.
9.
Do enjoy purchasing your
home but remain objective throughout the process to help make decisions that
are best for you.
After you have been
pre-approved for your mortgage you will want to refrain from the following...
1.
Do not make any major
purchases (car, boat, jewelry, furniture, appliances, etc.).
2.
Do not apply for any new
credit (even if it says you are pre-approved or "xxx days same as
cash").
3.
Do not pay off charges
or collections (unless directed by your loan officer to do so).
4.
Do not make any changes
to your credit profile.
5.
Do not change bank
accounts.
6.
Do not make unusual
deposits into your bank accounts or move money around from one account to
another.
Follow
these simple rules and you will help to make your loan closing as smooth and
hassle-free as possible!
Good luck!
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