You’re ready to buy a home and who’ve been to a lender who has said you’re
approved for a loan, so now what?
The first thing to remember is most lenders have made this approval based on the
information you provided on your loan application and (in most cases) based on a
However, that doesn’t always mean the loan will actually be approved. So, here’s
what you need to know so the lender can actually approve the loan.
The loan officer will provide you some disclosures that need to be signed. Due to
some laws, the loan company cannot start the process until the disclosures have
The loan officer will provide you a list of documents needed, if you didn’t provide
these documents at the original loan application. These documents can include
bank statements, pay stubs, and tax returns. The lender needs to verify all of the
information on your application.
Don’t think you can create fake documents either. The lender has several cross-
checks to ensure the documents are legitimate. Such as does your paystubs match
your deposit? Are the tax returns you submitted the same tax returns you filed with
Unfortunately, due to fraud, no longer can the lender rely on the validity of just the
document you submitted and have implemented cross-checking the documents
from a variety of sources.
Not only do the documents provided need to be verified, there are several things
you should and should not do once you’ve made loan application.
Things to do are
– Stay current on existing accounts.
– Do provide the lender all requested documents as quickly as possible.
Things not to do:
– Don’t apply for new credit of any kind.
– Don’t close credit cards accounts (unless advised by the lender to do so)
– Don’t add charges to credit cards.
– Don’t change bank accounts.
– Don’t make large deposits to your bank accounts without first checking with your loan officer.
– Don’t overdraft your bank account.
– Don’t quit your job.
– Don’t spend the money needed for closing.
If you’ll heed my advice and follow this instruction, then once the loan officer has
said “you’re approved”, you can count on that final approval in the end.
We’ll be happy to introduce you to experienced lenders who will help you finance
your next home. Call us at 405-209-8597 or email at email@example.com.