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Dos and Don'ts of the Loan Process
Once we have started the loan process (whether it is a pre-approval for a purchase or an application for a refinance) there are a few things you should be aware of. Below is a list of things you should not do during the loan process.
- Do not apply for any new credit. If someone offers you a discount for opening a credit card with them just say no.
- Do not make any major purchases. Do not buy a car or tv or anything else that is going to require a credit application.
- Do not do anything that will cause someone to pull your credit report.
- Do not spend your cash reserves. If you have given me a bank statement showing $xxxx in cash reserves, do not spend it until after the loan closes.
- Do not make a job change. If you have any kind of employment change during the loan process contact me immediately.
- If you are doing a refinance, do not start any kind of home improvement project. If you are in the middle of a project, contact me immediately and give me the details of the project. Gutted bathrooms, missing sheetrock or flooring, etc will have a negative impact on your appraisal and the underwriter may require that the work be completed and the home reinspected before the loan can fund. This will slow down the loan process and cost you money. If in doubt contact me!
