How to Protect Your Credit Score

Protect Your Credit Score
During the Mortgage Approval Process

Get a Mortgage or (Don’t) Move On:  Your credit score matters!  Mortgage approval is one of the largest hurdles that most would be buyers have during the home buying process.  Even if you believe that you are guaranteed to get a mortgage approval, I am here to tell you that NOTHING is guaranteed in the mortgage business these days!

I have Seen Giants Fall:  I have worked with several clients over the past few years that came to me believing that their credit score of 800 and their substantial cash reserves would guarantee an easy mortgage loan approval.  THERE IS NO SUCH THING AS AN EASY MORTGAGE LOAN APPROVAL!

See below for an IMPORTANT outline of the “dos and don’ts” to maintain your credit score while you are applying for a mortgage.

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Do’s and Don’ts During the Loan Process
Compliments of Laura Berg, Sr. Mortgage Consultant at OnQFinancial

It is important for you to maintain a stable credit score, asset and income and debt balance during the loan application and funding process.  Here are some “do’s” and “don’ts” to follow once you have decided to buy a home.

Our goal is to make sure that you will have a successful closing
on the new house of your dreams!

The Do’s:

DO…stay current on all existing credit accounts – make those payments ON TIME!

DO …continue using your existing credit as normal – but without large purchases

DO ….provide all documents requested up front and keep all original paystubs, bank statements, tax returns and other financial documentation handy as you receive it.  You may be required to update your loan file during the process

DO …notify us if you are planning on receiving any gift funds for the down payment or closing costs

DO …notify us if you have any large or extraordinary financial expenditures coming up during our loan process that will lower your assets

DO …notify us if you have any upcoming employment changes, raises, promotions, change in pay structure, etc

DO …respond promptly to all requests to provide documentation, sign documents, answer questions, etc.

DO …notify us if you are going on vacation at any time during the process

DO …be flexible and make yourself available for your home inspection and your closing appointment.

And now, The Don’ts!

DON’T …apply for any new credit, open any new credit accounts or close any current ones

DON’T …make any large purchases on your current credit accounts or increase your spending on current credit accounts – business as usual when it comes to credit

DON’T …co-sign for anyone else for a home or car loan or any other type of debt

DON’T …dispute any credit accounts on your credit report before or during the loan process – disputed accounts can alter your credit score

DON’T …pay off any collections or charge-off’s on your credit report unless advised by a credit professional or your mortgage consultant – activating these accounts by taking action may alter your credit score.

DON’T…make any type of employment or compensation changes without notification to your mortgage consultant

DON’T …close any current bank accounts, open any new bank accounts, or move money around between accounts

DON’T …deposit any cash to your bank account without contacting your mortgage consultant to discuss the requirements of documentation and whether or not it will be accepted as funds for closing

If you have credit score issues or questions about your credit score, or if you would like a referral to a credit repair counselor, please do not hesitate to contact me.