Initial Loan Application

During the processing of your loan, there are certain things to keep in mind that may affect the outcome of your loan request. Credit, income, and assets are re-verified after you have signed your initial loan application documents and it is extremely important to avoid activities that affect your credit (e.g., applying for new credit). Some of these may seem obvious, but all have happened in the past so please remain aware of how your actions could prevent your final loan approval.

Please keep the following in mind, your loan could be affected if you:
  • Alter your employment status
    • Quit your job
    • Get another job (e.g., start a second job).
  • Make changes to your financial portfolio
    • Change bank accounts or transfer money within your existing bank accounts.
    • Make any non-payroll deposits (Please contact your loan officer about this if it applies to you. For example, if you do side jobs for money, etc.).
    • Co-sign on a loan for anyone.
    • Purchase an automobile or take on any additional debt.
    • Purchase any other real estate.
    • Make large purchases for furniture and/or appliances or apply for a store credit card to finance these purchases.
    • Apply for credit (Again, this will result in an inquiry on your credit report).
    • Charge a large amount on existing credit cards.
    • Start any home improvements which require you to open credit.

Be sure to:

  • Start saving for a down payment
  • Learn how to compare offers
  • Get your financial documents in order
  • Utilize a mortgage calculator
  • Be prompt in responding to your lender
  • Keep all accounts current such as mortgages, car payments, and credit cards.
  • Keep copies of all paycheck stubs and any statements on bills being paid off through the loan process.
  • Make payments on all accounts on or before the due date, even if the account is being paid off.