DO NOT DO THESE THINGS WHEN GETTING A HOME LOAN

DO NOT DO THESE THINGS WHEN GETTING A HOME LOAN

THE “DON’TS” OF GETTING A LOAN! 

Employment: 
1. Don’t change jobs- we will verify your employment the day of closing 
2. Don’t change your pay structure- we may need an additional paystub 

Credit: 
3. Don’t apply for new credit- we will pull credit again before closing and inquiries 
can lower your credit score 
4. Don’t dispute any items on your credit 
5. Don’t charge up your credit cards “getting ready for the new house”- this could 
lower your credit score or increase your debt ratio- we will pull credit reports 
again right before closing and any new debt or increased balances will require 
the file to be sent back to underwriter for review 
6. Don’t skip payments on your current bills to “save up for the house”- including 
rent- we might have to re-verify prior to closing 

Assets: 
7. Don’t deposit any sums into your bank that cannot be documented –repayment 
of personal loans, side jobs, sale of assets must all have a paper trail- check with 
your loan officer before depositing funds that are not related to your pay stubs 
into your accounts 
8. Don’t assume that once you have loan approval you can go on a spending spree- 
we will verify funds for closing again right before closing 
9. Don’t put gift funds into your account before clearing with your loan officer- there 
is a procedure that must be followed in order to count the funds for closing. 

Other: 
10. Don’t change your marital status prior to closing 
11. Don’t let your driver’s license expire- the notary at the title company requires 
current identification 
12. Don’t make application for other loans for a property- we check a system called 
MERS which identifies any loans you have applied for 
This list is made from years of experience and watching loans fall apart at the last 
minute because one of these things occurred. When in doubt- ALWAYS check with your 
loan officer before making any changes! Loan application is just the first step in the 
process and it is a “work in progress” all the way to the closing table. So choose your 
loan officer well and follow their instructions!

-Kristina Davidson


Kristina Davidson Headshot
Author:
Phone: 936-672-2626
Dated: June 3rd 2013
Views: 2,129
About Kristina: A thirst for challenge, a perpetual desire for growth, an investment in life-long learning and a com...

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Location & Address

Mariner Realty
13185 FM 1097, Ste E
Willis, TX
936-225-5855
936-890-7799