Many home buyers believe that once their loan has been underwritten and conditionally approved, they are all set.
While a conditional approval is a key milestone, it is not the end of the process. It is important to remember that even after you have received a conditional approval or even a loan commitment you must maintain the same credit profile that was presented to your lender at the start of the process. Below are some things that I encourage you to avoid doing once your file has been underwritten. All of these things can result in a delayed or even a cancelled closing. Remember to always consult your lender before you make any financial decision during the loan process.
- Do not change jobs or become self-employed
- Do not finance a new vehicle
- Do not finance new furniture
- Do not co-sign for anyone
- Do not spend your down payment
- Do not apply for new credit
- Do not change bank accounts
- Do not make unusual or large charges to credit cards
- Do not close any open credit
Antonio Benton, with First Commonwealth Mortgage, is one of our lending partners because he does an exceptionally good job for our clients. He has more than 17 years of mortgage lending experience. Whether you are buying your first home, purchasing your dream home, or buying an investment property, Antonio will work to help you reach your financial goals.