DOs and DON’Ts while awaiting approval

Processing your loan doesn’t mean that everything you’ve done up to this point is now frozen in a time capsule and awaiting approval from the lender.  There are many factors to still take into account: reverification of your employment, a soft pull on your credit to insure no new debt has been obtained, etc.  Until your loan is closed, this list of Do’s and Don’ts can still affect the final outcome.

This list is a little longer than the Do’s, essentially because any one of these could could push you over to the “maybe” column as a loan candidate.

Quit your job.  Unless your job change is within the same field for equal pay or a promotion within your company for a raise, moving positions can make it seem like you’re standing on uncertain ground to a creditor.  If a change like this occurs, please call your loan officer.
Check your credit or allow anyone else to, either.
Make any other large purchases like leasing a new car or other real estate.
Co-sign another loan
Apply for other credit or fill out any other credit application
Run up your credit card debt
Undertake any large home improvements if they’re not a condition of the loan you’ve applied for

While this list is shorter, it is just as important to remain focused and on task to have the best outcome possible for your loan decision.

Make sure all accounts are up to date.
Continue making all debt payments on or before their due date.
Keep an accurate and full record of all documents, statements, paycheck stubs or bills being paid off through this loan.

Following these simple rules will help ensure that your loan doesn’t ‘blow up’ in the final stages.  If you do have problems with credit payments, change jobs or have any other life event that may affect your credit approval, contact your loan officer immediately.  It’s better to be proactive than scrambling at the last minute to figure out a way to still get you into your home.


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