What NOT To Do Once Your Loan Is Approved!

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When you get a mortgage to buy a home, there are a few things you need to know. We've put together a list to help you make sure you're able to obtain a loan. If your loan has been approved:

• DON'T make any major purchases or apply for any new loans. That new car or investment property can wait until after you have the keys to your new home. 
• DON'T pay off any charges unless your loan officer says to.
• DON'T change accounts. If you are switching banks, or opening a new account at your current bank, wait until after the loan has gone through to make those changes.
• DON'T make any unusual deposits. If you just received a huge inheritance check, wait to deposit it until after your loan has been approved.

You can do all these things when applying for a loan and still get a mortgage. However, the loan will have to be underwritten all over again, which can take anywhere from two to four weeks. Bottom line: if you want to close on time, you need to follow those four points.

As always, if you have any questions about this or any other topic, don't hesitate to give us a call. We would love to hear from you!