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CREDIT DO’S AND DON’TS Get prepared to apply for a loan

Loan preparation is the most important step to prepare for the loan application process. Underwriting is the last stop for loan approval and due diligence requires they identify any recent changes in your finances, spending habits, and alterations to your credit or bank accounts. Any one of these issues can raise a red flag and extend the loan process. Plan ahead and follow the guidelines below.

Don’t apply for new credit.

Stay current on existing accounts.

Don’t close credit accounts.

Continue to use your credit as normal.

Don’t max out credit cards.

Keep records of credit use.

Don’t make major purchases includ- ing furnitures or vehicles

Call your mortgage professional with any questions or concerns about your credit! Save your money, you may need it for closing costs.

Don’t consolidate your debt.

Don’t pay-o collections or “charge-os.”

Maintain your current employment.

Don’t become self-employed or 1099’d if currently W2’d

Be prepared for full financial disclosure.

Talk with your Dylan Savage before making large deposits into your bank accounts.

Don’t change bank accounts.

DYLAN SAVAGE Sr. Mortgage Advisor

(615) 669-4673 dsavage@usa-mortgage.com Your Nashville Area Mortgage Advisor

NMLS: 842078, INDIANA: 31801 ALABAMA: 56847 TENNESSEE: 124056 TN, IN AND AL RESIDENTIAL MORTGAGE LICENSEE

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