9 Must Dos After Loan Approval

9 Must Dos After Loan Approval

1) DON'T Apply for new credit - Mortgage lenders are required to do a second credit check before a final loan approval.
2) DON'T Make any major purchases - If you buy furniture or appliances with credit, your lender will need to factor in the payments to your debt-to-income ratio, which could result in canceled or delayed settlement. If you pay cash, you have fewer assets to use for a down payment and cash reserves, which could have a similar impact.
3) DON'T Payoff all your debt- Consult your lender before you make a move with your money. If you payoff your credit card debt, it can hurt you because you have lowered your cash reserves and if you close out your account. The lender will need to know the source of the money to pay the debt off.
4) DON'T co-sign any loans- A co-signature is considered a debt for both you and the person you sign for. Payments for a new loan 12 months and newer will be calculated as part of your debt to income ratio.
5) DON'T change jobs - If avoidable don't change jobs after pre-approval,  verification of employment will be needed to prove your new salary and could cause delay to your closing.
6) DON'T ignore any lender request- If your lender makes suggestions, follow those suggestions, provide all documentation requested ASAP. 
7) Stay current on all existing accounts - you must pay all bills on time without any overdrafts or late payments. If you have auto pay for bills keep that going, try to keep all payment history looking as it did when pre-approval was given.
8) Keep paper trail of all deposits - make sure to keep a paper trail of any monies deposited other that your usual pay checks or income. the addition to your assets is not an issue, make sure to get with your lender to know how to make your paper trail.
9) Discuss seller concessions - there is opportunities even in a sellers market to negotiate help with closing cost. Be sure to discuss with your lender if you are intending  to ask for seller concessions so they can be factored into the loan approval.
A GOOD RULE TO FOLLOW IS TO STAY IN CONSTANT CONTACT WITH YOUR LENDER, DISCUSSING ALL FINANCIAL MATTERS WITH LENDER DURING THE LOAN PROCESS.
Thank you 
Cyndi




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Phone: 512-564-0381
Dated: June 3rd 2014
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