Home, Sweet Home. (Almost.)
It's very important to follow the guidelines below to ensure your financial status doesn't fluctuate between the time you apply for a mortgage and when you close on your house. Any significant changes will have to be explained in detail and could void a preliminary approval.
DO:
- Submit all required documents to your lender
- Respond to requests from your real estate agent and lender in a timely manner
- Be patient. Use the time while you’re waiting to think about movers, paint colors, landscaping…
Don't:
- Change jobs, quit your job, or become self-employed
- Buy a new vehicle, furniture, or anything requiring an installment loan
- Use or increase an equity line of credit
- Make large deposits or withdrawals
- Apply for additional real estate or home loans
- Use credit cards excessively or fall behind on payments
- Close any credit card accounts
- Spend money you have set aside for closing
- Have any inquiries into your credit
- Co-sign on a loan for anyone