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Do’s and Don’ts of The Loan Process

Congratulations!  You are now in the loan process!  Now that you are moving forward with your loan, there are certain things you need to be aware of so you don’t inadvertently sabotage your efforts.  Nothing ruins a day faster than finding out your pre-approval was just denied because you did something you weren’t supposed to do before the completion of the loan process.

What you Don’t Want to Do (the Don’ts)

  • #1 – do NOT apply for any new credit.  The cars, furniture and home décor need to wait until AFTER you close on your home.
  • Do NOT get a new job!  If something happens and employment opportunities change, CALL YOUR LOAN CONSULTANT and let them advise you before you make any changes.
  • Do not pay off any collections or charge-off accounts.  Believe it or not, this can quickly change your credit profile and potentially have a negative impact on your score.
  • Do not close out any credit card accounts.
  • Absolutely do not max out or over charge on any existing lines of credit.
  • And lastly do not consolidate your debt.
  • Make sure not to raise red flags by co-signing, or submitting any new name changes or changes of address etc.

What you do want to do is:  (The Do’s)

  • Join credit watch program – There are several credit watch programs out there, such as Identity Guard, Privacy Guard, Trusted ID to name just a few who will alert you to any changes on your credit report.  They monitor all the three of the bureau credit scores (Equifax, Experian & TransUnion) and will send out an email within 24 hours upon any changes to your credit.  These are very inexpensive and great lines of defense during this loan process.
  • It’s really important to make sure you stay current on all of your existing accounts.
  • Continue using credit as you normally would.  If you have a credit card that you use for your gas each month, keep using it.  You want to maintain the normal activity of managing your lines of credit, both in your regular usage as well as staying on top of the payments.

Call your loan consultant.  If you have any questions at all, no matter how small or unimportant they might seem.  Stay in close contact with your lender.  Make sure you fully understand their expectations and.  Each lender may have slightly different guidelines so just be careful.  Ask lots of questions.  Be well informed, and most of all, best of luck as you move forward in your financial endeavors.