Preparing for the Loan Process

Here’s a quick list of do’s and dont’s to help prepare for the loan process when buying real estate. These are helpful for any part of the process, and extremely helpful to know before starting the buying search.

Dont’s

• Don’t change jobs or become self-employed.
• Don’t allow anyone to make an inquiry on your credit report except the lender.
• Don’t apply for credit anywhere else except with your lender.


• Don’t change bank accounts or transfer money with your existing accounts.
• Don’t co-sign for anyone, for any reason, for anything.
• Don’t make any major purchases until long after the closing (such as a car or boat).


• Don’t buy furniture before you buy your house.
• Don’t send in late payments or incur late fees.
• Don’t spend the money you have saved for your down payment.

Do’s


• Do keep all accounts current – mortgage, car loans, credit cards, etc.
• Do contact both your lender and your sales associate with questions.
• Do make all payments on or before due dates on all accounts.


• Do have lender-required money/funds to your loan officer within 72 hours after home inspection is complete.
• Do return phone calls from your agent, loan officer, settlement company or anyone else involved in your transaction within two hours of a message.

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