Earlier this year I wrote a post about the do's and don'ts during the mortgage process. Little did I know that a mere 90 days later I would be talking about this again. Keep in mind that while your application and documentation are being reviewed and any slight change can result in a denial. Before you do ANYTHING, discuss the potential impact with your loan professional.
I thought it would be worth stating again my list of do's and don'ts. Just for clarification, I have added a couple more. Regardless of the financing program, here is my list of do’s and don’ts to help eliminate hurdles as you go through the process.
1. DO NOT apply for any new credit
2. DO NOT change jobs
3. DO NOT make cash deposits into your checking account
4. DO NOT transfer funds from one account to another
5. DO NOT make any large purchases, such as furniture or appliances
6. DO NOT significantly increase the balances on credit cards
7. DO NOT schedule movers until your file is CLEAR TO CLOSE.
8. DO NOT make travel arrangements until your file is CLEAR TO CLOSE
9. DO NOT reduce or raise any credit limits on credit cards.
Here is the list of do’s
1. Communicate an change of employment or income to your loan officer immediately
2. Communicate clearly any pertinent dates, such as move out from apartments, etc.
3. Respond quickly to any requests made during the process for clarification or additional documentation
If a situation comes up, it is best to discuss it with your licensed mortgage professional before you take action!
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Sr. Mortgage Consultant
Georgia Residential Mortgage Licensee #25839
600 Galleria Parkway
Atlanta, GA 30038
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The opinions and general information in this blog are soley those of Kathy Sheehan. Specifics regarding an individual case should be discussed in detail with a loan professional. For a confidential consultation, please feel free to contact me via phone or email. All terms and conditions are subject to change.