Buyer's home mortgage process can go smoothly or not.
If you are wanting to purchase a home, then this blog will help you a lot. There is the easy way and the hard way to get a mortgage. First and most importantly, don't do anything without checking with your mortgage lender first. So many times a buyer will purchase something only to find out that this just made it impossible to close escrow on the home that they were trying to buy. Wait. You can make these purchases after your home is closed (meaning that it has recorded and the home is actually yours now.)
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!