Don’t Quit Your Job. 

The lender is looking for employment stability and will need to verify your present employment (as well as the past two years). Changing jobs mid-transaction slows down the process at best and nullifies the loan at worst. We recommend to not change jobs until your loan has fully closed, as a verification of employment will be completed up to the day of closing. 

Don’t Acquire New Debt. 

In other words, don’t buy a car, open a credit card or finance new windows for your house, etc. Lenders will often re-pull credit during a transaction for one reason or another. New debt will increase your debt to income ratio potentially disqualifying you completely. 

Don’t Shop Around For Loans, Cars Or Anything Else. 

Once you have picked a lender stick with them; having your credit pulled many times within a 120 day period can hurt your score. This also applies to opening new credit cards, major purchases, or financing of any kind. 

Don’t Deplete Your Assets. 

Your approval is based on a certain amount of income and assets, if we need an updated bank statement to show one thing or another and assets are depleted the underwriter will have to re-run your scenario based on the funds currently in your account. 

Don’t Move Your Assets. 

In addition to not depleting your assets, don’t move them around. The lender is required by law to paper trail all of the money you have for reserves and funds to close. Moving things around slows down the process substantially and raises unnecessary questions. If the movement of assets is necessary, please let us know and we will advise what may be needed. 

Don’t Relocate Or Pack Information Needed For Your Loan. 

Even if we think a full package has been submitted the underwriter can always come back and ask for something else. Keep all income and asset information available. Large deposits must be sourced, so make sure to keep copies of checks that may be deposited. 

Don’t Stop Paying Your Mortgage For Any Reason! 

You might be refinancing and expecting to close at the end of the month but if there is a delay you could end up with a late payment, so always make your mortgage payment on time, a refund will be issued if there is any overpayment.