When you’re applying for a loan to buy a home, it’s important to follow these rules to stay on track and make it to the closing table on time.
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DO

Do Keep Paying Your Bills On Time. Even after you’re pre-approved, your credit still counts. Just keep paying your bills as normal.

Do Respond to Emails Promptly. The quicker you respond to emails from your lender and complete tasks, the faster they can close your loan.
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DON’T

Don’t Make Large Purchases. Trust us — this is not the time to buy a new car or living room set. Leave the non-emergency purchases until your loan has closed.

Don’t Make Unscheduled Deposits. Your assets are being carefully calculated up until your loan closes. An unscheduled deposit of several hundred dollars or more means it all needs recalculated.

Don’t Make a Major Life Change. Big moves (like quitting your job or getting married) can affect your qualification. If you file for divorce or lose your job, let us know ASAP so we can help.

Don’t Apply for New Credit. Store credit cards and payday loans ding your credit, which dings your ability to get a home loan. (We think you’ll agree — 30% off your shopping spree at Kohl’s isn’t worth it!)
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So, basically…

Financial actions can dramatically impact the ability for you to get a loan, all the way up until you’ve signed the final contract. So take our word on this one, if you absolutely need to make a major life/financial decision, let your lender know first.

Have a question about how an action may affect your mortgage application? Reach out to your Lower Loan Team.

Now that you know what to do, get started @ Lower.com.