Do’s & Don’ts During The Loan Process
When you fill out a credit application, your loan officer will run a credit report for the underwriter at the outset of the process, and a quality control manager will pull an updated report just before you close. You should not do anything that will have an adverse affect on your credit score while your loan is in process.
Make Sure You Do Not
- Do not quit your job or change jobs unless it is in the same line of work and for equal or more pay. Please call your loan officer as soon as possible if this occurs.
- Do not allow anyone to make inquiries on your credit report.
- Do not change bank accounts or transfer money within your existing bank accounts.
- Do not co-sign on any loans.
- Do not purchase an auto or take on any additional debt.
- Do not purchase any real estate.
- Do not apply for new credit or complete credit applications.
- Do not charge additional debt to any existing credit.
- Do not start any home improvements that are not a condition of the loan in process.
- Do not sign up for Consumer Credit Counseling.
Make Sure You Do
- Keep all accounts and loans current.
- Make payments on all accounts on or before the due date.