When you make your loan application for a mortgage loan, we in the bank “process,” your application for approval and closing.
Here’s a short list of Do’s and Don’ts while the bank is working on your application:
1. Don’t establish new credit accounts. Don’t open any new credit cards, apply for a car loan, or consolidate your credit accounts and transfer balances. Doing so may affect your credit score.
2. DO keep your bank accounts in order. Maintain the balances as they are on the day of your loan application. If you need to deposit money other than your regular paycheck, or transfer from one account to another, contact your loan officer.
3. DO pay on time. Keep paying your bills on time until closing day. That includes your rent.
4. DO advise about trips. Vacation alert. If you are planning a vacation during the loan process period, please advise your loan officer immediately.
5. DO ask questions. Questions are good. Please call anytime you have questions about anything involved in the process of buying your first home.