Monday, January 15, 2018

Post-Approval Do’s and Don’ts

After you’ve been approved for a mortgage loan, there are some things you should and should not do. Find out how to keep your loan status safe.

Today we’ll be discussing the do’s and don’ts you need to consider after you’ve been approved for your mortgage loan.

The first thing to do is always pay your bills on time. Numerous times throughout the transaction, I’ve seen people stop paying their debts after getting approved. Remember, all the way up until the day you close, your lender has the right to check your credit again. It doesn’t happen often but you don’t want to take the chance, so make sure you’re getting those payments in on time.

The next thing to do is keep your job. Your lender can also verify your employment status on the day of closing, so it’s very important to be honest with your loan officer if you have a job change in the future. Let them know immediately because changing jobs won’t get you denied, but it could slow down the transaction. You could lose the house you want if you don’t use proper communication.

Don’t forget: all the way up until the day you close, your lender has the right to check your credit again

You should also safeguard your assets. You need to continue to save money even after being approved because there’s always a chance that a bump in the road will come along and you’ll end up not being able to afford the home you want. That said, when you keep your assets, don’t deposit cash. Banks have to verify everything, including where all the funds come from, if, say, you receive a cash gift from a family member.

Lastly, don’t be silly. Most of the time when people are denied loans, it’s because they were
dishonest with their lender. Tell them what you’re going through; they’re there to help you
get through the next round. Additionally,
don’t make huge purchases right before closing or get

married. Keep in mind that lenders can pull your credit at any point before closing, and huge purchases
or changes to your marital status can have adverse effects on your credit, which could damage
your chances of getting the home you love.

If you have any questions or know someone who’s looking to buy, sell, refinance, or invest in real estate, feel free to contact us. We look forward to helping you, your friends, or your family close on their home in 2018.