Do’s & Don’ts

Tips For A Smooth Loan Approval

Here is a list of tips to help ensure an effortless loan process. These TIPS will help avoid any 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 you current employer
4. Do keep your same insurance company
5. Do continue living at your current residence
6. Do continue to use your credit as normal
7. Do call your realtor or lender if you have any question

DON’TS

1. Do Not make any employment or income changes
2. Do Not make any major purchase (car, boat, jewelry, fur, etc.)
3. Do Not apply for a new credit (even if you are pre-approved)
4. Do Not open any new credit card
5. Do Not transfer any balances from one account to another
6. Do Not pay collections accounts without prior discussion with lender
7. Do Not pay charged off balances without prior discussion with lender
8. Do Not buy any furniture
9. Do Not close any credit accounts
10. Do Not change bank accounts
11. Do Not max out or go over limit on any credit card accounts
12. Do Not consolidate your debt onto 1 or 2 credit cards
13. Do Not take out a new loan
14. Do Not start any home improvement projects
15. Do Not finance any elective medical procedures
16. Do Not open a new cellular phone account
17. Do Not join a new fitness club
18. Do Not pay off any loans or credit cards without discussion with lender

If you encounter any special situation that could affect your credit, it is best to discuss it with your lender immediately so they can help you determine the best way to achieve your goals.

Information was taken from Academy Mortgage Corporation Concierge Program