Avoiding loan mistakes
Federal rules require lenders to re-pull your credit just before closing. Any change to your credit profile or employment can delay or jeopardize your approval. Here's how to protect it.
Do
- Keep credit card activity to a minimum and pay all bills on time
- Call your loan officer before any large deposit, withdrawal, or transfer between accounts
- Keep records of any monetary gifts (with a paper trail) so they can be sourced
- Pay earnest money by check or wire — never in cash directly to the seller
- Save your most recent pay stubs and bank statements — underwriting may need them again before closing
Don't
- Don't make any expensive purchases or charge up your current credit
- Don't have anyone pull your credit report — including yourself
- Don't apply for any new credit; ignore promotional offers
- Don't open new accounts or close existing credit card accounts
- Don't deposit cash without a paper trail — even legitimate gifts
- Don't change employers if you can avoid it
- Don't move money between accounts without calling your loan officer first
- Don't dispute reported credit errors with the bureaus mid-loan
When in doubt, call
Before any financial move during your loan — deposits, gifts, new debt, anything — a one-minute call to your loan officer saves a week of unwinding.
Find a Loan Officer