Do's And Don'ts
Do's and Don’ts: Staying on Track During the Mortgage Process
Buying a home is exciting, but it’s essential to stay mindful of your financial activities to ensure a smooth mortgage process. Whether you’re getting pre-approved, under contract, or nearing closing, following these Dos and Don’ts will keep you on the path to success.
We like to start with the Don’ts and end on a positive note with the Dos.
Don’ts: Avoid These Common Pitfalls
- Don’t Apply for New Credit
- Wait until after your loan closes to open new credit cards, buy a car, or take on any new debt.
- Don’t Make Large Purchases
- Hold off on buying furniture, appliances, or other big-ticket items until after closing.
- Don’t Change Jobs or Give the Impression You’re Leaving
- Job stability is key. Even a temporary change in income type (e.g., W2 to 1099) can delay or derail your approval.
- Don’t Close Any Credit Accounts Without Consulting Us
- Closing accounts can impact your credit score or debt-to-income ratio, which affects your loan eligibility.
- Don’t Make Large Deposits or Open New Bank Accounts
- Unexpected changes in your account activity can require additional documentation or explanations.
- Don’t Use Funds From a Business Account
- Using business funds for personal expenses can complicate your loan application.
- Don’t Transfer Funds Between Accounts Without Talking to Us
- Always consult us before moving money. We may need to document the transfer to ensure compliance.
Do's: Actions to Keep You on Track
- Do Keep Working and Earning Your Paychecks
- Consistent employment and income are vital for loan approval.
- Do Pay Your Bills on Time
- Avoid late payments by setting up auto-pay, if you haven’t already. This keeps your credit profile strong.
- Do Start Looking Into Homeowner’s Insurance
- Shopping early can help you secure a better premium (early shopper discounts) and avoid last-minute stress.
- Do Be Open About Your Assets and Transaction Timing
- Aggregating your assets early can save time and reduce unnecessary documentation requests later. Talk to us first for guidance!
- Do Keep Saving
- Building extra savings can provide a financial cushion for unexpected expenses post-closing.
- Do Call Us Anytime
- If you have questions or concerns, we’re here to help. Don’t hesitate to reach out.
Do's & Don'ts
At Exhale Lending, we believe that with enough time, almost anything can be managed in mortgage lending. However, it’s essential to be mindful of certain actions that can potentially impact your loan eligibility, such as taking on a large debt, buying a car, or changing jobs.
To ensure a smooth and stress-free experience, we urge to follow these simple Do’s and Don’ts. And remember, when in doubt, don’t hesitate to give us a call. We’re here to help you navigate the complexities of the mortgage process and provide the guidance you need.
Don'ts
- Do not apply for any new credit in the coming weeks until your loan has closed and recorded, and even then, wait a week or two.
- Do not make any large Credit Card purchases (other than for inspections, appraisal purchases and other loan/home purchase items).
- Do not make any large deposits into your accounts until we talk first.
- Do not transfer funds between accounts until we have seen your bank statements and worked out a strategy.
- Do not open any new bank accounts.
Don'ts
- Do not apply for any new credit in the coming weeks until your loan has closed and recorded, and even then, wait a week or two.
- Do not make any large Credit Card purchases (other than for inspections, appraisal purchases and other loan/home purchase items).
- Do not make any large deposits into your accounts until we talk first.
- Do not transfer funds between accounts until we have seen your bank statements and worked out a strategy.
- Do not open any new bank accounts.
Do's...
- Keep working hard and do not change jobs or request a sabbatical.
- Do keep paying your bills on time. In fact, try to set them all up on auto-pay if you have not done so already.
- Try to keep saving, even if you don’t need to. You won’t regret the additional savings post-closing.
- Do call us if you have any questions, comments or concerns!
Exhale Lending is a mortgage brokerage firm that embodies trust, transparency, and a genuine desire to help clients achieve financial serenity. With our client-centric approach, expertise, and unwavering commitment to excellence, Exhale Lending is poised to make a meaningful impact on the journey towards homeownership for individuals and families alike.
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Exhale Lending, L.L.C.
Equal Housing Opportunity
Office Location
Cary, NC 27511