Dos and Don’ts for an Efficient Loan Process
Help make sure your loan closes smoothly by following these tips.
- Do get prequalified before you start shopping so you know how much you can afford.
- Do make all payments on time on all your current accounts.
- Do tell your Loan Originator about your long-term financial goals
- Do ask about the different loan products available so you know your options.
- Do use your credit cards as normal.
- Do tell your Loan Originator immediately if you get a notification from a creditor.
- Do contact your Loan Originator if you’re wondering whether or not something could affect your loan.
- Don’t apply for any new credit or loans.
- Don’t consolidate debt or close credit accounts
- Don’t quit your job or change jobs, if possible.
- Don’t change your name or address.
- Don’t spend more than usual on your credit cards.
- Don’t pay off collections without talking to your loan officer.
- Don’t co-sign on another person’s loan.
- Don’t accept gift money without consulting your loan officer.
- Don’t deposit large sums of cash into your accounts without talking to your loan officer.