- Do ask Donors for gifted funds as soon as possible, if being used towards your downpayment. Be sure to ask your Loan Officer about the steps and documentation needed for gifts.
- Do stay current on all your payments.
- Do Continue to use your credit cards as normal. Changing your pattern could raise a red flag, causing your credit score to decrease.
- Do wait to make any major purchases, such as a car or a boat, until after your loan has funded.
- Don't keep cash in a safe or overseas account fi you plan to use these funds as a downpayment.
- Don't close credit card accounts. Keeping your accounts open after you have paid them off lowers your debt-credit ratio. If you close credit card account, it may appear as your debt ratio has gone up.
- Don't apply for new credit. Multiple credit inquiries may hurt your score.
- Don't make career moves. Your mortgage lender must verify your employment, so its crucial to maintain your employment status.