How To Ensure A Smooth Transaction
- Pay your rent and obligations on time.
- Keep your lender or REALTOR® apprised of any changes in your employment status.
- Submit all paperwork and information requested by your lender in a timely manner. Make sure all deadlines are met.
- Pay your bills in a timely manner, including credit cards, mortgage, car payments, and student loans.
- Be aware the lender will run another credit report just prior to closing.
- Consult with your lender before committing to any large purchases or monthly memberships.
- Realize that the lender will do another employment verification just prior to closing.
- Know that the contract closing date is "on or about," which meansa firm date isnot set until toward the very end.
- Do not change jobs, become self-employed, or quit your job.
- Do not buy a car, truck, van, or motorcycle.
- Do not apply for credit cards, use them excessively or fall behind on payments.
- Do not spend money you have set aside for closing.
- Do not omit debts or liabilities from your loan application - they will come up!
- Do not buy furniture or any other big ticket item that requires financing or join any monthly memberships such as health clubs.
- Do not authorize any inquiries into your credit.
- Do not make large deposits without first checking with your loan officer.
- Do not change or close bank accounts.
- Do not co-sign a loan for anyone.
BUT WHAT IF... If for any reason your situation requires changing any of these guidelines, PLEASE contact us and/or your lender before acting so that you can strategize a better alternative. -