What Not to Do When in the Process of Getting a New Home Loan

Before your new home is built, one of the steps to complete is getting a loan commitment from your “end loan” lender.

From that point, until you close on your new home, it is imperative not to do something that would invalidate that loan commitment. If you’re unsure, speak to your lender or mortgage broker before you do anything financially different from the norm.

Common Mistakes Made During the Home Loan Process

Below are a few common mistakes that could invalidate your home loan commitment and cause you to lose your dream home.

• Applying for other new loans, such as auto loans or credit cards.
• Additional inquiries into your credit.
• Making a major purchase using credit cards.
• Purchasing anything (i.e. electronics, furniture, etc.) on a”no interest” sales promotion.
• Changing your job or taking a lower-paid position without first talking to your lender.
• Closing any bank accounts, paying off any collections, or making large deposits without first talking to your lender.
• Writing a check that bounces.

Contact CMS Homes to Learn More

When you’re ready to build a home in the Troy, Missouri, area, contact CMS Homes first. Our team has been building homes for decades and helping customers with the entire process, including sourcing a local lender who can ease the pain of the underwriting process and get you on track to a carefree building experience. We’re here for you! Contact us today.