Do’s and Don’ts While Your Loan is in Process

Posted By on July 7, 2011

 

In today’s era, getting a loan for a house is harder than ever. This is because banks are very careful of who they lend too and how much they lend. If you are in the market for a new home, chances are you will be getting a loan for your new house. When you are approved for a loan, during the time between when you get approved for a loan and when your house closes, it is extremely important to be very mindful of your expenses. This includes paying all bills on time, including Credit Cards.

My Mortgagebrokerage.com  and www.activerain.com has compiled a list of Do’s and Don’ts when you are in the loan process.

First things first, Congratulations on your loan! You are about to embark on an amazing journey if this is your first home purchase. Chances are this is the largest purchase you will make, so getting approved is a HUGE first step. There is nothing like calling a house, your home.

Some Do’s while your Loan is in Process according to My Mortgagebrokerage.com and www.activerain.com:

There are some things that will ensure that your credit stays intact during the mortgage loan process.

During the mortgage loan process do not go out and apply for new credit, even if the offer is for 90 or 120 days, or for 6 or 12 months, same as cash with no payments necessary.

Do stay current on your existing loans. Even if you are paying off accounts with the proceeds of a new loan, be sure to still make your monthly payments on those loans.

Do keep originals of all paystubs, bank statements, and other important financial documentation. It may be required to update any documents that are over 30 days old prior to the closing of your mortgage loan.

A good rule of thumb for keeping your credit clean during the loan process is to never provide your social security number.

Some Don’ts while your loan is in Process:

There are some things that can lower your credit score, and as a result if your credit score goes below a certain number, the bank may no longer be able to approve you and you won’t be able to build your new home!

Do not lie or embellish the truth on your mortgage application. This will just cause problems down the road.

Do not change jobs or quit your job, changing your job may cause your loan application to be turned down.

When applying for a mortgage, do not apply to multiple lenders at the same time. This is illegal

Make sure you do not begin construction on the property of any kind.

Do not do anything that could affect your credit profile such as apply for a new auto loan, credit card, cell phone, etc.

For the complete list of Do’s and Don’ts during the loan process check out www.mymortgagebrokerage.com or activerain.com

 

If you are interested in buying a new Home or have questions on this process don’t hesitate to call one of our sales professionals. They have a lot of experience on getting homeowners into a home.

Potterhill Homes is the leader in Cincinnati and the surrounding areas on green building, visit www.potterhillhomes.com to see the floor plans we offer and communities we build in, or build on your own lot!

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About the author

Katie has been with Potterhill Homes for over 3 years. She works on the technical side at Potterhill Homes, maintaining the website and assisting in Marketing Campaigns. She Currently resides in Cincinnati where she enjoys shopping and watching sports.

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About Potterhill Homes

Cincinnati-based Potterhill Homes is a premier builder of affordable, environmentally friendly homes in Greater Cincinnati. Our homes are built with traditional Cincinnati architectural styles and are perfect for both urban infill and suburban development. To learn more about Potterhill Homes,visit www.potterhillhomes.com.


About the authors

Katie has been with Potterhill Homes for over 3 years. She works on the technical side at Potterhill Homes, maintaining the website and assisting in Marketing Campaigns. She Currently resides in Cincinnati where she enjoys shopping and watching sports.