{"id":14386,"date":"2018-07-08T14:02:52","date_gmt":"2018-07-08T21:02:52","guid":{"rendered":"https:\/\/www.simplicity-homes.com\/?p=14386"},"modified":"2020-12-28T10:59:28","modified_gmt":"2020-12-28T18:59:28","slug":"dos-and-donts-during-the-home-loan-process","status":"publish","type":"post","link":"https:\/\/www.simplicity-homes.com\/blog\/2018\/07\/08\/dos-and-donts-during-the-home-loan-process\/","title":{"rendered":"Dos and Don&#8217;ts During the Home Loan Process"},"content":{"rendered":"<p>Anyone who has applied for a home loan knows how big of a process it can be. Even if your finances are in great shape, there are a lot of documents you must be able to provide, a lot of communication, and it requires some patience. The good news is that there are a number of things that you can do &#8211; and avoid doing &#8211; that can improve your chances of getting approved and building the home of your dreams. Here are some helpful dos and don\u2019ts to keep in mind during the loan process.<\/p>\n<p><strong>Things to DO to Improve the Chances of Loan Approval<\/strong><strong>\u00a0<\/strong><\/p>\n<p>There are a number of things that you can do to improve the chances of your loan being approved, both before you apply for the loan and during the loan approval process. A home lending tips guide published by <u><a href=\"https:\/\/www.umpquabank.com\/home-lending\">Umpqua Bank<\/a><\/u> suggests:<\/p>\n<ul>\n<li><strong>Do keep your loan officer apprised of any changes. <\/strong>If you experience any changes in your financial situation either before or especially during the loan approval process, you should let your loan officer know <img loading=\"lazy\" decoding=\"async\" class=\"wp-image-14387 alignright\" src=\"https:\/\/stg.simplicity-homes.com\/blog\/wp-content\/uploads\/2018\/10\/shaking-hands.jpg\" alt=\"\" width=\"374\" height=\"249\" \/>immediately. This includes changes in income, debts or credit. You should also report a change in address, new job, etc if applicable.<\/li>\n<li><strong>Do keep good financial records. <\/strong>When you apply for a loan, you\u2019ll need to provide evidence of your ability to afford the loan, which means supplying documentation of your financial statements. The more organized you are, the better, and usually means your loan officer will be able to hasten the process a little. Keep thorough documentation of all of tax documents for at least two years, bank statements, pay stubs, and more. Because most of these documents are able to be accessed electronically, you shouldn\u2019t run into any setbacks here.<\/li>\n<li><strong>Do ask questions. <\/strong>Throughout the process of applying for a home loan, you should ask your loan officer any questions that you have, ranging from how you can improve your credit score to what things will affect your loan interest rate. Also, don\u2019t be afraid to shop around for a better rate so you can have that peace of mind knowing that you\u2019re setting yourself up for the best possible long-term success.<\/li>\n<\/ul>\n<p><strong>Things to AVOID Doing When Applying for a Home Loan<\/strong><\/p>\n<p>Perhaps even more important than the things that you <em>should<\/em> do when seeking a mortgage loan is to be cognizant of all of the things you should <em>not<\/em> do. According to Umpqua Bank, things you shouldn\u2019t do when seeking a home loan include the following:<\/p>\n<ul>\n<li><strong>Don\u2019t take out new loans or open new credit cards. <\/strong>Changes to your financial circumstances right before you want to apply for a loan can have a negative effect on your chances of getting approved. If possible, you don\u2019t want to do anything that impacts your debt-to-income ratio in a negative way prior to applying for a home construction loan. If the purchase can wait, then it should wait.<\/li>\n<li><strong>Don\u2019t change jobs. <\/strong>If you\u2019re thinking about quitting your job or making another significant life change, you should wait until <em>after<\/em> your loan is approved to do so. This is because continuous employment of at least two years makes you a more favorable applicant in the eyes of a lender.<\/li>\n<li><strong>Don\u2019t spend your down payment money. <\/strong>In order to buy a home, you\u2019ll probably need at least five percent down depending upon the home and your personal financial circumstances. Simply put, the more you have saved, the better.<\/li>\n<\/ul>\n<p><strong>Let Simplicity Homes Help<\/strong><\/p>\n<p>If you\u2019re ready to start a new chapter in life and build a home, our support staff at Simplicity Homes can help answer any questions you may have about the loan process, and even refer you to one of our preferred lenders. At Simplicity Homes, we have homes for sale throughout the Northwest, including the states of Oregon, Washington, and Idaho. To learn more, <u><a href=\"http:\/\/www.simplicity-homes.com\/\">contact us today!<\/a><\/u><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Anyone who has applied for a home loan knows how big of a process it can be. Even if your finances are in great shape, there are a&#8230;<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29,34,26],"tags":[],"class_list":["post-14386","post","type-post","status-publish","format-standard","hentry","category-financing","category-home-building-tips","category-investors"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dos and Don&#039;ts During the Home Loan Process - Simplicity Homes Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplicity-homes.com\/blog\/2018\/07\/08\/dos-and-donts-during-the-home-loan-process\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dos and Don&#039;ts During the Home Loan Process - Simplicity Homes Blog\" \/>\n<meta property=\"og:description\" content=\"Anyone who has applied for a home loan knows how big of a process it can be. 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