It is very, very important for you to stay in close contact with your lender. The loan process takes a ton of effort, and it takes several weeks to complete…even for the most qualified borrowers.
In my experience through the years, I’ve seen situations where deals fall apart because the lender did not have the documents needed to get the loan done in a timely manner. So, whenever your lender asks you for anything, be sure to get it to them right away…the less delays on lending the more smoothly things will go.
It will be a bit like a ping-pong match with your lender…they will ask you for documents (ball is in your court) and then you will give them what they have requested (ball is back in their court)…then they will ask you for more documents, (ball is back in your court), etc.
Play it like hot potato…you never want the ball to be in your court for more than 24 hours! So make turnaround times very quick and very efficient…this will help unsure that your lender can get the job done, and get it done on time.
So for this step, make sure you have made your complete loan application and that you continue to work with your lender all the way through to closing.
By the way, here are a couple DO’s and DON’Ts – pay close attention to these…these pointers can be the difference between getting a loan and being denied…
- DO stay in close contact with your lender.
- DO be honest and upfront with your lender.
- DO be quick to respond to requests from your lender.
- Do NOT incur any new debt (even if its buy now & pay later).
- Do NOT open any new credit cards.
- Do NOT buy anything that requires a loan of any kind.
- Do NOT change jobs.
- Do NOT spend significant amounts of money.
- Do NOT make any changes to your financial life.
- Do NOT get fired from your job!
I’ll be right alongside you the whole way too!