Financing Dos and Dont'sMortgage loans need to comply with lender guidelines and regulations. Below are some important things that buyers should and should NOT be doing while their loan is in process.
- DO pay your existing mortgage payments on time.
- DO pay all recurring debt on time. Your credit may be run again before close of escrow.
- DO keep a paper-trail of all deposits, especially if the deposits are large. Due to federal laws, your lender needs to know where you're money is coming from.
- DON'T open a new credit line.
- DON'T purchase new furniture.
- DON'T purchase or lease a new automobile. A car payment can greatly reduce a buyer's purchasing power for a home. Don't buy the car. Buy the house first!
- DON'T transfer funds without consulting your loan officer.
DON'T change banks without consulting your loan officer.
DON'T rack up more debt on your credit cards.
- DON'T change/quit your job before consulting your loan officer. (The lender may make a call just prior to funding your loan to make sure that you are still employed by the company on the loan application).