Do's and Don'ts to Keep Your Loan on Track

The last thing anyone wants us to sabotage their home loan days before they can actually move in. When buying a home and applying for a mortgage, there are some do’s and don’ts to consider and adhere to keep your loan on track.


Continue making your monthly rental or mortgage payments. Do not stop making a payment unless your lender advises you to do so.

Stay current on all existing accounts.

Keep working at your current job.

Return all requested documentation to your lender or escrow company in a timely manner.

Continue living at your current residence.


Don’t make any major purchases.

Don’t apply for any new credits, credit cards, or loans, including student loans and car loans.

Don’t transfer any balances from one account to another.

Don’t close any credit card accounts.

Don’t charge a lot on credit cards or max out the credit line.

Don’t open a new cell phone account.

Don’t join a fitness club.

Don’t apply or shop around for any additional insurance for home, auto, life, or health until you close on the home.

Don’t pay off any loans or credit cards unless directed by your lender.

There definitely seems like a lot of don’ts on this list, but remember, it’s only for a short time. It’s best to freeze all major spending and applications until after your loan closes. Any changes to accounts could mean risking your home loan or low rates. Things can change between when you apply for a home loan and when you actually close. By adhering to these rules, you should keep your loan on track to close on time, and for the best rate. Need a lender in our area? Give me a call. I work with several amazing lenders in the area that can help with distressed borrowers, poor credit issues, or low down payment options.