
A loan application is like a snapshot of your financial life, and like with a photo, results are best when nothing is moving!
1. DON’T APPLY FOR NEW CREDIT
You could lose ten points from your credit score for one hard inquiry!
2. DON’T CREATE “RED FLAGS”
The less activity on your reports during the loan process, the better even something seemingly as harmless as paying down a large credit card balance or changing your normal pattern of credit card usage can raise red flags!
3. DON’T MISS A SINGLE PAYENT
Keep current on your mortgage, auto loans, credit cards and other payments. A single past due payment can drop your credit score 90 to 110 points!
4. DON’T SWITCH BANK ACCOUNT FUNDS
Do not switch money (funds) from one bank account to another. Avoid making cash deposits unless you can prove where those funds came from.
5. DON’T TRANSER RETIREMENT ACCOUNT FUNDS
Do not transfer any funds from your retirement accounts until we talk. Find out in advance how long it will take to process your withdrawal. It might be to your advantage to have these accounts paid directly to your escrow/title company.
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