Mortgage Application Do's & Don'ts - Sibley Group

Don’t get caught in a “last minute” mortgage closing dilemma! Failure to adhere to these simple rules can cause unnecessary closing delays or jeopardize your approval.

Don’t – Apply for new credit of any kind!Don’t Change employment or your residence prior to closing!
Don’t – Payoff collections or close credit card accounts.
Don’t – Co-sign for anyone else’s loan!
Don’t – Switch banks or move money around.
Don’t – Continue to shop with other lenders after you apply. New inquires can drop your credit score.
Don’t – Pack away important financial documentation your lender might request.

Do – Stay current on all payments on existing accounts.Do Notify your lender of any changes to your contract or loan amount.
Do – Research and obtain a company for home-owner’s insurance as soon as possible to avoid last minute delays.
Do – Contact your lender if you receive anything in the mail from a creditor or collection agency that you think might affect your credit score.

Mortgage Application

Remember that industry standards now require all mortgage lenders to pull a refreshed credit report within five days prior to closing. Not adhering to these do’s and don’ts could negatively impact your mortgage application and loan approval!

Still have questions, contact us! We are always glad to help.

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