During the process of a mortgage application, many pitfalls can cause major delays or even result in your application being declined. Please see below for some useful suggestions to follow until all loan proceeds have been disbursed.

1. Keep paying your bills on time including any mortgage, car, credit cards, etc. Any late payments after a mortgage application is approved will negatively impact your credit score and can result in a higher rate, fees or even make the loan request ineligible for financing.

2. Inform the lender in advance of any employment or income change. Just prior to closing, lenders will verify your status with the employers listed on the application. If a job change occurs after a mortgage application is submitted, the borrower’s current income and ability to support the mortgage payment is unknown to the lender. The loan process will come to an abrupt halt until new employment and income have been verified. If the new job pays less, this can result in new conditions or the application being declined.

3. Keep copies of all paychecks/stubs and bank statements you receive to prove continued employment at the same pay as well as adequate funds to close on the transaction.

4. Call your mortgage company with any questions about your loan to stay informed and avoid any misunderstandings or surprises at the closing.

5. Notify your mortgage broker in advance regarding any changes in your employment status. This will facilitate the new employment verification and avoid any last-minute surprises prior to the closing.

6. Avoid applying for new credit because new inquiries can lower your credit score which could affect your loan qualification.

7. Forego significant home improvements if you are refinancing. Renovations in process can raise concerns about safety or the ability to legally occupy a property, and should be delayed until after the loan has been funded.

8. Wait before co-signing any loans or making large purchases until finished with the mortgage transaction. Adding to your personal debt can negatively impact your credit score and can jeopardize your ability to qualify for the loan.