When entering into the detailed process of purchasing a home, there are certain strategies that may help to successfully secure your home loan application.  There are also maneuvers to avoid during this time in order to make sure you're getting the best loan possible for your individual needs.  It's important to remember that some suggestions remain effective throughout the entire process- from the beginning stages of loan approval through loan settlement. 

Often, items like your personal credit, income and asset information have already been secured before you sign your final loan processing papers.  Make sure that items that you are in compliance with are as follows:

 

-always send in credit payments on time (this is a general rule of thumb for keeping a good credit rating at all times).

-keep accounts current (including mortgage information, credit cards, car loans, and related items).

-make all payments early if possible to ensure good standing with credit companies (even if your loan is going to cover the pay-off of your account)

-return phone calls from loan agents, loan officers, settlement companies or anyone involved in a loan transaction within a 2-hour window of a message

-make any lender-required funds available to the loan officer no more than 72 hours AFTER the home inspection has been completed.

-make sure to NOT quit or change jobs during this time.  It is crucial to maintain a steady form of employment during the loan process.  If changes occur in your employment, consult your loan officer.

-do not apply for credit with anyone except your lender.  The more hits your credit score takes at a time reduces your overall credit rating.  Relatedly, don't allow any credit inquiries on your credit report.

-try not to make yourself a co-signer for anyone else's purchases, rentals, or credit applications.

-make sure to keep the same bank accounts (including business, checking/personal, and savings) when applying for a home loan.  Also, avoid the transferring of money within any of your existing accounts.

-avoid the purchase of vehicles or other real estate during the loan application process.