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8 Things to Avoid During the Home Loan Process

DO NOT let your home buyers do these 8 things during the home loan process.

 

When your clients are ready to apply for a mortgage, it's important to know that certain factors can cause a loan application (or pre-approval) to become derailed. As their agent you can help guide them to make smart choices during the home buying process and avoid a loan stall out.

By doing small things up front and helping your clients avoid the following 8 things, you can help your clients move forward with a successful loan application.

 

OUR TOP 8 DON'Ts

  1. Change jobs or companies while in process to buy a home. All major life changes need to happen after closing. If this does happen, have your client reach out to their Home Loan Specialist right away.
  2. Open any new accounts, such as credit cards, lines of credit, student loans, cell phones, or even another mortgage while they are in process of buying a home. 
  3. Deposit any monies outside of their typical payroll into any of their bank accounts. 
  4.  Co-sign for another loan or liability for a family member, friend or business. 
  5.  Make late payments on any bills during the loan process.
  6. Make any major purchase, sale, or other financial decisions until after closing. This includes home appliances and furniture.
  7. Change bank accounts. If your client changes banks after their initial pre-approval, they will have to resubmit their assets which may require additional document and letter of explanation. Or a mortgage underwriter could require a new set of bank statements before closing. 
  8. Pay off any charges or collections (unless directed by their Home Loan Specialist to do so).

 

Unfortunately, if your client makes one of these mistakes, they can still be denied for a mortgage even after being pre-approved. It's best to have your client become a Churchill Certified Home Buyer. By becoming certified they'll be able to have their financial documents reviewed by an actual underwriter allowing their home loan to be conditionally approved for financing on a new home. 

No one likes surprises during the home buying process. With upfront underwriting, a bulk of the lending legwork will be done early in the process which makes the home buying process quick and smooth once you've found your client the perfect home.

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If you have any questions about the do's and don'ts of the home loan process to help your clients even further, please connect with a Home Loan Specialist.  

 

The Churchill Certified Home Buyer program is not a commitment to lend funds and is not an approval but is a conditional approval subject to your acceptance of the terms and the conditions being fully satisfied prior to closing. All conditions are subject to final underwriting and final investor approval. The certification is subject to the financial status and credit report(s) of everyone on the application remaining substantially the same until closing, an acceptable contract of sale on a suitable property, collateral (the appraisal, title, survey, condition, and insurance) satisfies the requirements of the lender and loan selected is still available in the market. All closing conditions of the lender must be satisfied including the clear transfer of the title, acceptable and adequate title and hazard insurance, flood certification, and any inspections that are required by the real estate contract. The Certified Home Buyer and Rate Secured programs are not available at all locations.
 
 
 
 
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By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.

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