Loan Approval Tips

Loan Approval Tips

 

In the market for a home?

Getting a mortgage loan is a little trickier these days but if you folllow the list of helpful tips below you can ensure a more effortless loan process. 

 

The following DO’s and DON’Ts may help avoid delays with your loan approval. 

 

DO'S:

1. DO continue making your mortgage or rent payments on time

2. DO stay current on all existing accounts

3. DO keep working at your current employer

4. DO keep your same insurance company (if this is a refinance)

5. DO continue living at your current residence

6. DO continue to use your credit as normal

7. DO call your lender if you have any questions

 

DON'TS:

1. DON’T make a major purchase (car, boat, jewelry, etc.)

2. DON’T apply for new credit (even if you are pre-approved)

3. DON’T open a new credit card

4. DON’T transfer any balances from one account to another

5. DON’T pay off charge offs without a discussion with us first

6. DON’T pay off collections without a discussion with us first

7. DON’T close any credit card accounts

8. DON’T change bank accounts

9. DON’T max out or over charge on your credit card accounts

10. DON’T consolidate your debt onto 1 or 2 credit cards

11. DON’T take out a new loan

12. DON’T start any home improvement projects (refinances)

13. DON’T pay off any loans or credit cards with discussing with your lender

 

   If you encounter a special situation, it is best to mention it to your lender right away so they can help you determine the best way to achieve your goals.

 

Berkshire Hathaway HomeServices Select Properties in St. Louis offers an easy one-stop mortgage service through our partnership with Preferred Home Lending that allows you to interact directly with loan officers located in our branch offices.
Select Leasing & Management offers a multitude of leasing and property management services with superior service to both renters and landlords.
Gain valuable peace of mind and avoid unnecessary expenses by utilizing one of HSA Home Warranty’s comprehensive home warranty programs.