Home Buying Tips: Loan Is Approved! Now What?

An important step in the home-buying process is getting your loan approved. Once you've chosen a lender and provided them with everything they'll need, the approval process shouldn't take long! One the loan is approved, there are some things you should do and some things you should avoid to ensure your loan application is not impacted:

DO:

• Notify your lender of any address change, whether it’s your home address or another listed on your application.
• Notify your lender of any salary or wage changes.
• Be prepared to provide proof of significant bank deposits.
• Acquire homeowner’s insurance immediately after going under contract.
• Keep all forms of debt paid and in check.

DO NOT: 

• Make large purchases using existing credit without first talking to your lender.
• Apply for or acquire any additional lines of credit.
• Pay off, transfer, or close credit balances unless your lender instructs you to do so.
• Change jobs without first talking to your lender.
• Co-sign for another person seeking to obtain a line of credit or to make a purchase.
• Pay off collections before conferring with your lender.