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If you encounter a special situation, it is best to mention it to your lender right away so they can help you determine the best way to achieve your goals.
Your lender wants to make your closing process as smooth and efficient as possible. To make sure the mortgage process gets off to a good start, here are some points to help avoid any unnecessary delays in finalizing your loan approval:

  1. • DO continue making your mortgage or rent payments.
  2. • DO stay current on all existing accounts
  3. • DO keep working at your current employer. If you want to change jobs, please discuss this with your lender prior to making any employment changes.
  4. • DO keep all your paystubs and statements for your checking, savings, 401k and any other asset statements.
  5. • DO continue to use your credit as normal.
  6. • DO follow through quickly if your lender contacts you for information or documentation.
  7. • DO contact your lender if there is a major employment or income change.
  8. • DO contact your lender if there is a major change in a monthly credit bill (i.e., sold a vehicle, paid off a large credit card or installment loan, etc.)
  9. • DON’T apply for new credit (even if you are pre-approved) – Your credit will be re-pulled a few days before closing. All new credit inquiries will require additional documentation and may delay closing.
  10. • DON’T close any credit card accounts
  11. • DON’T change bank accounts
  12. • DON’T make undocumented deposits into your bank account.
  13. • DON’T make a major purchase (car, boat, furniture, appliances, fur, jewelry, etc.)
  14. • DON’T have your credit pulled numerous times (i.e., apply for a credit card, loans, co-sign for someone else, etc.)
  15. • DON’T transfer any balances from one account to another
  16. • DON’T max out or over charge on your credit card accounts
  17. • DON’T consolidate your debt onto 1 or 2 credit cards
  18. • DON’T start any home improvement projects
  19. • DON’T finance any elective medical procedure
  20. • DON’T open a new cellular phone account
  21. • DON’T obtain cash advances off your credit card(s).
  22. • DON’T pay off any loans, credit cards or collections, charge offs without discussing it with your lender. If your loan approval requires you to pay off any bills, DO NOT PAY THEM OFF YOURSELF, CONTINUE TO MAKE ROUTINE PAYMENTS UNTIL YOUR LOAN CLOSES. Your lender will then have you bring the monthly statements to the Title Company and let them pay off the accounts through escrow. If you pay the accounts yourself, the lender may not be able to verify zero balances for several days or weeks, which could delay the closing of your loan.

Remember to enjoy your home purchase experience!

Kathy K. Vidakovics, NMLS #850002 | Personal Mortgage Advisor | First Federal | c/330.697.7106 | f/234.352-1127 | [email protected]

Image courtesy of Stuart Miles / – 

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