While securing a loan can sometimes feel overwhelming, there are a couple of actions you can take (and a few things you can avoid doing) to make sure the approval process goes even smoother.

  • DO tell your lender if any information you’ve provided changes. This can include details about your income, occupation, address, or any information needed for your loan process.
  • DO keep records of all bank transactions, especially if you are planning on transferring large sum amounts from one account to another.
  • DO make sure to get homeowners insurance with the coverage equal to the mortgage amount or replacement value of your house.
  • DO make sure to get a full inspection, and a termite inspection of the property you are wanting to purchase.
  • DO protect your credit scores. You'll want to make sure you stay on top of any little change that may impact your loan process.
  • DO speak to your loan agent if you ever have any questions or concerns about your loan application or process.
  • DON’T make significant purchases during this process. Your debt-to-income ratio plays a vital role in your loan, and this may affect it.
  • DON’T consolidate or get any new credit. This could also affect your debt-to-income ratio.
  • DON’T pay off any large sums, collections, or credit cards during this process. This could actually cause your credit score to drop in some cases.
  • DON’T change careers or occupations. It is desirable to show a two year work history.
  • DON’T cosign for another borrower. This will show up on your credit as additional debt, affecting your score.
  • DON’T change your overall assets picture. This could include opening/closing accounts, changing any investments, large withdrawals or deposits.