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Mortgage Loan Processing Dos And Donts For Borrowers
You've found the one! Now what?
Once your buyer agent submits your offer and it is accepted by the seller, you will want to reach out to your loan officer. Especially since you have a deadline to make your mortgage application! (This will be in the contract along the lines of "Buyer shall make a good faith application for this mortgage within ____ days of the acceptance of this Contract.") Make sure you are on track to meet the deadlines set in your Contract.
While your loan officer will help you with the documents and forms to be filled and filed for your mortgage application, there are some very important things to keep in mind from this moment all the way to the Closing.
DO NOT: Doing any of the things that may alter your credit may risk you obtaining your loan. Doing these things may also put you in default of your Contract, may put your Escrow deposit at risk, and may put you at risk of being sued.
DO NOT quit your job or change jobs. If this is likely, consult with your loan officer and call your buyer agent should this occur.
DO NOT apply for credit anywhere else except with your lender. This causes more "hits" on your credit rating, which can reduce your credit score and potentially make it so that you no longer qualify to buy the home.
DO NOT change bank accounts or transfer money within your existing accounts.
DO NOT co-sign for anyone, for any reason, for anything.
DO NOT purchase or attempt to purchase anything else on credit, such as a car, truck, boat, furniture, or other real estate.
DO NOT charge any abnormal amounts to your current credit cards or credit lines.
DO NOT send in late payments or incur late fees for anything.
DO NOT wait longer than the time frame given per your contract to provide all necessary paperwork and information to your lender when requested.
DO keep all accounts current, including mortgages, car loans, credit cards, etc.
DO contact both your lender and your buyer agent anytime a question may arise.
DO make all payments on or before due dates on all accounts, even if the account is being paid off with your new loan.
DO have any lender-required money/funds to your loan officer within 72 hours after home inspection is complete.
DO return phone calls from your agent, loan officer, settlement company, or anyone else involved in your transaction within two hours of a message.
If you have any change in your circumstances which may have an impact on your ability to purchase the home, immediately contact your loan officer and your buyer agent.
The most important part of the closing process is maintaining open, clear communication between all parties. As they say, it is better to be safe than sorry! So no dumb questions. If your agent isn't keeping in touch with you every week or as the process progresses, I suggest giving them a call to touch base. I personally touch base with my clients once a week at the minimum during the closing process. Monday mornings, my clients know they can expect a call from me whether or not there is an update in the process. Regular communication is a top priority in my opinion.
If you are a buyer or investor looking to buy a home, and you are not working with another agent, give me a call today and I'll set up your FREE CONSULTATION!