You are APPROVED for a mortgage. Now what?

First of all, congratulations! You have found a home you love and are under contract. It is my goal to make the loan process as smooth as possible and get you the keys to your new home. To help me accomplish this, please be familiar with the following:

RULE #1 – Do not change your financial situation or credit score.

DO NOT – start any new loans, consolidate, co-sign, get a car lease, apply for new credit cards, (yes, this includes applying for department store credit cards just to get a discount on your purchase). A no score credit report is pulled just before closing documents and so the lender will see about any new inquires and credit lines.

DO NOT – make any late payments, increase your credit card balances, or anything else that may lower your credit score. This includes any credit inquires on your report for cell phones, credit cards associated with airlines even if you do not intend to get the credit card.

DO NOT – make large deposits of cash into your bank account which can not be sourced. Please consult with me before depositing money into the bank other than your normal payroll check. (This includes proceeds from the sale of an automobile etc.)

DO NOT – change jobs. This includes changing positions from a W2’s wage earner to full commission. Please inform me if you change from full-time to maternity pay or disability.

DO NOT – quit your job and start your own business in the middle of the loan process.

You are approved under your current circumstances. If your credit, debt, hours scheduled or income changes during the loan process, please contact me immediately.

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