Borrower Dos and Don'tsOnce your loan is in process here are a few tips to make sure there are no hiccups along the way
- Don’t do anything that might lead to a credit pull:
- Make a major purchase like a car
- Get a new credit card or line of credit
- Change your phone, internet, or TV plan or carrier
- Buy new furniture or appliances (e.g., RC Willey)
- Consolidate debts
- Don’t pay off collections unless directed to by your loan officer.
- Don’t close any credit accounts.
- Don’t make large cash deposits in your bank account for 60 days prior to your loan application.
- Don’t use your credit card for a cash advance for your down payment.
- Don’t change jobs if you can avoid it.
- Do pay all your bills on time.
- Do pay revolving credit balances to 30% of the available credit.
- Do call your friendly loan officer if you have any questions.