Avoid These Mistakes During the Loan Process

Melissa Rau of Top Flite Financial is here to discuss some do’s and don’ts you should follow when it comes to your loan application.

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I’m here today with Melissa Rau of Top Flite Financial to discuss the do’s and don’ts you should pay attention to in order to get your loan to the closing table as smoothly as possible.

First, the do’s:

1. Do stay current on all accounts. Don’t let your payments go more than 30 days late, as that can negatively impact your credit score and have an effect on the loan decision in the end.
2. Do continue to use your credit as you normally would. Any pattern changes raise red flags, such as extra charges and big payments on different cards.
3. Do call your mortgage professional with any questions you have. 

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Don’t apply for new credit without talking to a loan professional.

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Now, here’s what you need to avoid doing:

1. Don’t apply for new credit without talking to a loan professional.
2. Don’t open any new accounts, buy a new car, or any new furniture for a home that you don’t own yet.
3. Don’t pay off any collections. That can have a negative impact on your credit.

Click here to view more Do's and Don'ts during the loan process.

Use this information so that in the end, when you think you’re getting approved to close, we won’t find changes in your credit during our soft-pull, which will impact the decision to approve you.

If you have any more questions about the loan process or you're thinking of buying or selling a home, don't hesitate to reach out to me. I'd be glad to help you.