Closing on time depends on both us and you.
- Stable Employment
When you apply for a loan, we use your W-2, bank statements or employment record to make a lending decision. If your employment changes, you may have to redo paperwork or possibly lose eligibility for your loan. Make sure you wait to change employers until after the loan has closed, if possible to avoid complications.
2. Wait on Big Purchases
Your home is likely the largest purchase you will make in your lifetime. In order to keep a steady financial profile, you may want to stay away from making other big purchases like a car or furniture until after your loan closes.
3. Status Quo at the Bank
While refinancing or purchasing a new home, it’s best practice to not switch bank accounts or make any large deposits besides your paycheck. Any unusual activity may require additional documentation and could delay closing. Be sure to stick to the status-quo from the time you start your loan process to the end.
4. Co-signing Can Wait
When you’re applying for a mortgage, it’s time to focus on your future! If you’re asked to co-sign for someone, consider holding off until you’re finished with the mortgage process. Co-signing can add additional liability that could change your financial profile.
5. Be Responsible with your Credit
Credit scores help us make a responsible lending decision. Make sure you’re careful about credit activity so that your score doesn’t shift you out of eligibility for your loan terms! In order to avoid troubles, consider holding off on large purchases or opening a new credit card line.
Are you ready to get started on your mortgage journey? Talk to one of our Goodmortgage loan experts today! Click here to get started