During The Loan Process DO NOT-
- Â Quit your job, change employers or make any changes that affect your income
- Â Make any major purchases Don't buy a carÂ or (furniture, vehicle, appliances, etc.)
- Â Establish any new debt or credit accounts or close any open accounts
- Â Be late on any payments
- Â Make large deposits (over $200) to any bank account that cannot be verified on paper (no cash deposits). All money involved with the transaction has to be accounted for, most lenders will require the deposits to be â€œseasonedâ€ for about 60-days.
We have had customers quit a job or buy a new car. And we have had customers during the loan process get mad at a bank and withhold payment. All of these things either slow or stop the loan entirely.
I guess during the loan process you are on Credit Probation and the warden is watching !