After the Application

Do's and Dont's

From application until closing is important to not make any changes to your financial position without first discussing the impact with your Lender. Here are some of our recommended do's and dont's to be aware of.

DO - Keep documentation current
DO - Keep deposit information
DO - Keep lender informed
Don't - Apply for new credit
Don't - Testdrive and auto or take out new auto loan
Don't - Change jobs
DO - Keep documentation current

Send your loan processor updated paycheck stubs and bank statements as you receive them during the loan process. It is important that your file has the most recent documentation at the time of final loan submission.

DO - Keep lender informed

It is important to keep the lender informed of any changes to your finances or employment during the loan process. This information will be re-verified prior to closing.

DON'T - Apply for new credit

It is recommended that you do not apply for credit during the loan process. Every credit inquiry can take points away from your credit score. Your credit/score will be re-pulled prior to closing as part of the final QC audit so it is important to not do anything that may impact your credit score during the loan process as it may effect your final approval and/or interest rate.

DON'T - Test drive an auto or take out new auto loan

When you test drive an auto the dealer checks your credit. This credit check (inquiry) will cost you points on your credit score. When you close on an auto loan it will hit your credit score by approximately 30-points (your will re-build these points over time as you make your timely payments).

DON'T - Change Jobs

A job change may impact your loan approval. Contact your Loan Originator first to discuss how changing jobs could effect your loan approval.

Colorado Home Loans 

Mountain Financial Mortgage Group, Inc.

19501 E Mainstreet, Suite 200

Parker, CO 80138

www.mfmloans.com

info@mfmloans.com

Office  303-838-7300

NMLS #321427

 

2018@  Mountain Financial Mortgage Group Inc.

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