Mortgage Loans Dos and Donts

Mortgage Loan Do’s and Don’ts

Are you purchasing a home or refinancing your current mortgage loan?  If so then below you will find some very important advice on the Mortgage Loan Dos and Don’ts during the loan process.  Making sure you do the right things to ensure that your loan will be approved by the mortgage underwriter and not doing something that will derail your loan approval is essentially for a smooth loan transaction.  We have the top ten mortgage loan process Do’s and the top ten mortgage loan process Don’ts that ever mortgage applicant should follow.  If you have questions or need to get pre-approved for a mortgage loan call us at 302-703-0727 or APPLY ONLINE

Top Ten DOs During the Mortgage Loan Process

1) Do Stay Current on ALL your Existing Credit Accounts – Pay all your bills on time during the loan process!

2) Do Keep All Your Financial Records in good order

3) Do Ask Questions and become Educated on the home buying process

4) Do get pre-approved for a mortgage loan BEFORE shopping for a home

5) Do hire a Real Estate Agent to be your exclusive Buyer’s Agent Before shopping for a home.

6) Do Keep working at the same employer and keep your income consistent

7) Do call your Mortgage Lender if you have any questions 302-703-0727

8) Do get a Home Inspection from a licensed inspector

9) Do turn in all your requested loan documents within 24 hours of being asked.  Have a sense of Urgency during the loan process

10) Do tell your mortgage lender everything when getting pre-approved.  Mortgage lenders will find out everything about you as it is all stored online somewhere.


Top Ten DONTs During the Mortgage Loan Process

1) Don’t Quit Your Job!  Lenders will verify your employment within 24 hours of closing.

2) Don’t Apply for Any New Credit of any kind.

3) Don’t Pay Off Any Collections unless told to do so by your loan officer.

4) Don’t Close Credit Card Accounts.

5) Don’t Change Jobs during the process of buying a home

6) Don’t Go Shopping for a Home without a pre-approval letter.

7) Don’t Make Undocumented Deposits into your bank accounts – NO CASH!

8) Don’t transfer Credit Card Balances during the loan process

9) Don’t take cash advances on credit lines for money to purchase the home.

10) Don’t spend your money that you need before you purchase the home.


Please follow these very important Mortgage Loan DOs and DON’Ts during your mortgage loan process to ensure your success on qualifying for and closing your mortgage loan whether it be to purchase your first home, second home or even to refinance your existing mortgage loan.

If you are looking to get pre-approved for a mortgage loan to purchase or refinance a home in Delaware, Maryland, Pennsylvania, New Jersey or Virginia give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE