The DOs and DON'Ts of a Home Loan

By Sheryl Landrum
Local Lender Columnist
Mar 23, 2007
Every loan officer in the mortgage business has at least one of these scenarios to bemoan when discussing the perfect home loan gone "bad." Make sure that your new home loan purchase or mortgage refinance in Florida doesn't go sideways by following a few mortgage loan guidelines.

When getting a mortgage loan make sure you DO:

• Keep all accounts current! Make all your monthly payments on time--especially mortgage payments even though the loan maybe paid off during a refinance.
• Keep copies of all pay stubs, W-2s, and bank and asset statements.
• Call your loan officer before making any decision that could affect your new home loan.

When getting a mortgage loan make sure you DON'T:

• Purchase a new car, home furnishings, or take on any new debt.
• Quit your job or get another job unless it is in the same line of work and for the same, or more, money.
• Allow anyone else to run your credit.
• Co-sign for someone else on a mortgage note or any other note.
• Purchase another piece of property.
• Put your house up for sale if refinancing.
• Run up your current credit cards.
• Deplete your bank accounts or close them.

Remember, until your new home loan has funded, you need to beware of the DOs and DON'Ts of what to do during the mortgage process. If you have any questions or doubts when making a financial decision during the loan process, call your loan officer. They will be able to guide you so that you don't jeopardize the home mortgage you are looking for.

About the Author
Sheryl Landrum is a Senior Loan Officer with Charter Funding, Inc. in Carlsbad, California.