Don’t Do List
DON’T make large non-payroll deposits without checking with your Loan Originator first. DON’T open a different bank account during the loan process. DON’T change jobs, become self-employed, or quit your job, even temporarily. DON’T take unpaid time off during the process, as lenders verify employment stability. DON’T spend the money you’ve set aside for closing on anything else. DON’T use credit cards excessively, let your accounts fall behind, or increase your credit limits. DON’T apply for new credit accounts of any kind until after you close. DON’T buy furniture, appliances, or other large purchases before closing. Protect your loan approval by avoiding these common financial missteps. Staying financially steady is one of the most important things you can do to ensure a smooth closing day.
DON’T buy a vehicle until after your loan has funded.
DON’T co-sign a loan for anyone, even if it’s temporary, it can affect your own loan approval.
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