20 Tips for a Smooth Mortgage Loan Approval
20 tips
These are the 20 Tips for a Smooth Loan Approval so you know what you should and should NOT do while buying a home.
You may have heard about your friend who had a terrible time buying a house. They've told you how long it took and all of the extra documentation required to hear those three magic words: "Clear to Close." They aren't lying; buying a home can be challenging, and any lender who tells you it's "easy" and "painless" is probably selling you on fancy marketing.
Want the truth? Clean credit history, adequate income, modest debts, and job history play a huge roll in how "easy" your loan process will be. Regardless, Parish Lending is here to help! We do this every day, so we've put together a Do's and Don'ts list that everyone should review before you take on the mortgage process.
MOST IMPORTANTLY: DO NOT GIVE YOUR SOCIAL SECURITY NUMBER OUT FOR THE NEXT 30 DAYS!
DO stay current on all existing accounts (even if you’re paying them off)
DO continue making your mortgage or rent payments on time
DO continue to work for the same employer
DO continue to use the same insurance company
DO continue living at your current residence
DO continue to use your credit cards as normal
DO call us if you have ANY questions
DON’T make a major purchase (car, boat, furniture, jewelry, etc.)
DON’T apply for new credit (even if you’re pre-approved)
DON’T open a new credit card
DON’T transfer any balances from one account to another
DON’T pay off any collections
DON’T close any credit cards
DON’T change bank accounts or banks
DON’T max out your credit cards
DON’T consolidate your debt onto fewer credit accounts
DON’T take out a new loan
DON’T open a new cell phone account
DON’T keep us a secret - please share our services with co-workers, friends, & family when you have the opportunity!
The bottom line is that you should keep your finances exactly the same as they were when you applied for the loan. Following these tips will get us to the closing table as quickly as possible. And when in doubt, please reach out to Parish Lending's team for guidance!