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Doís and Doníts After Being Approved For a Mortgage Loan

Ok, you found your dream home and have a contract on it, got approved for the loan, waiting to close the deal. You are happy and believe you will own the house shortly and nothing can ruin your dream. Correct? Not Quiet, read the rest:

As you know it usually takes 30-60 days or more after initially you were approved by lender to close the deal. During this time many things could happen that changes your qualification, eligibility and/or credit score.

This is very important to know that lenders will run your credit reports a few days prior and up to closing date. Depending on the changes in your credit reports; they may deny, require new application, or do nothing. For example, if during this 30-60 days you lose your job, it is obvious that you will not get the loan.  Therefore, it is very important that you donít lose or changed your job with lower pay, donít get negative information in your credit reports, donít get involve in law and law suit, etc.

As a suggestion, follow these Doís and Doníts recommendations:


         Pay and continue to pay all your bills (at least the ďMinimum PaymentĒ on Credit Cards) and loans on / or before the due time.

         Look at each credit cardís Balance/(Line of Credit) ratio and pay as much as possible to reduce the unpaid balance to a point the that ratio becomes less that 30%.

         Have a good cushion of available credit between your current balance and your credit limits on all open trades

         Time-by-time, request a soft credit line increase. Typically, creditors can increase your line of credit a couple of hundreds or thousand dollars without running your credit report, if you have a good record or relationship with them for a year or so.

         Use (charge at least some amounts) all your credit cards including those that you usually donít use every month. And off course pay them on time.

         Pay off smaller debts.



         Donít be tempted to open a store charge card to receive discounts.

         Donít apply or accept any new Credit Card

         Donít apply ďHardĒ Line of Credit Increase.

         Donít apply for a new loan.

         Donít Allow anybody run your credit report,

         Donít Close any of your Credit Cards

         Donít purchase a major item and charge Credit Cards

         Donít let the ratio of Amount Owed to Credit Line be greater than 30% for each card.

         Donít be late paying your payments or obligations

         Donít Change or Quit your Job.

         Pray not to get lay off, or at least try to see you can stay at your current job until after closing!

         Donít get involved in a law suit, accidents that might cause of law suits

         Donít file for Bankruptcy, foreclosure, short sale, etc.

         Do not place ďdisputeĒ in your credit report. This causes more delay for approving a loan and could cause a higher interest rate.

Please click the link to see Doís and Doníts Before Apprlying a Mortgage Loan

Contact us about your Credit Score Questions

Equal Housing Opportunity Commission Bahman Davani REALTOR

Bahman Davani, CM
TAHS, eAgentC, and
CCIM Candidate

Office: (214) 457-7055
Cell: (214) 457-7055
Fax: (972) 596-7984

P.O. Box 261665
Plano, TX 75026-1665

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Texas Five Star Realty
P.O. Box 261665
, TX 75026 US
Phone: 214-457-7055
Website: www.texasfivestarrealty.com/
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