Getting a mortgage can be daunting and confusing, we know this.  Most people do not get a mortgage loan all the time and things that may seem like small unimportant life events.

Make sure to do these during the mortgage process

• Check your credit early with your loan officer; if there are issues that need to be addressed there will be more time to do so.
• Be boring.  Keep your financial transactions minimal and normal – no unusually large transactions. 
• Continue to make all existing payments regularly and on-time.
• Return all requested documentation to your loan officer promptly
• Communicate – it is important to always stay in communication with your loan officer and realtor every step of the way.
• Make sure your personal and financial documents are up-to-date and correct.  For example your drivers license needs to be unexpired and have correct data.
• Complete homeowners insurance process early, and have information ready to provide to your loan officer
• Have funds for closing available early in the process, and ready to document
• Choose a loan officer with an outstanding professional reputation and a wealth of mortgage knowledge to help guide you – such as Russell Smith with Blue Ridge Bank!  😊

Any of the below items can quickly derail an otherwise smooth loan transaction and cause loan closing delays.

Don’t (without first discussing with your loan officer):

• Change or quit your job during the loan process!  Even for a “better” job or opportunity. 
• Deposit unusual or large amounts of money into the bank – these will just need to be documented in the loan process, which is more hassle for you; even worse, if these cannot be documented properly this could cause problems with your loan.
• Apply for or incur additional debt or increase the balance on existing debt (such as running up credit card balances, or applying for new car loans that will cause credit inquiries)
• Pay off existing debt – not even collections or derogatory items
• Have unrealistic expectations – a two-week closing date for example is not enough time to ensure a smooth and satisfactory loan experience for all; nothing good comes from rushing things and there are a lot of important moving parts in a mortgage loan transaction.
• Plan a vacation during your mortgage process – it is important to be available during this process
• Transfer money around between bank accounts – this causes additional documentation headaches for you.
• Co-sign for loans for other people
• Overextend your budget when buying a home
• Close existing credit accounts
• Have overdraft or NSF transactions or fees on your bank account(s)
• Change your marital status
• Wire any money for your closing anywhere without confirming verbally with your closing attorney the instructions for doing so
• File for bankruptcy or go into consumer credit counseling plans

Mainly, just do not be afraid to ask questions. Plus, be boring!

Realtors can follow on ActiveRain or Connect on Linkedin for more news. See why service matters