The best way to be sure nothing will go wrong with your loan application is to submit all the documentation the lender requires as soon as possible.
Review your pay stub. Do you have any loans being taken out of your paycheck from a retirement plan or your credit union? Many times, paystub loans are included in your debt ratio but are not reported to the credit bureaus.
When you make the commitment to the loan, don't go out shopping for a new car, run up your credit cards or apply for new ones.
Don't change employment during the loan process. Don't pay off any collections or charged off accounts prior to your closing UNLESS you are instructed to do so by your mortgage professional.
Always be honest with your mortgage consultant at every step of the process. Chances are they can overcome most issues assuming they know what they are up against. Lying will not improve your chances of getting a loan, so do not attempt to lie about your income, employment, child support, etc because the lender will discover if any of the information you provided was not accurate.
If reserves are required, make sure that they remain where they are until the loan closes or you are given the OK, by your loan officer.
It may sound silly, but make sure you don't begin any major construction on the home during the loan process. At some point during the loan, you will have to have an appraisal done on the property. Having work incomplete, if not previously disclosed and discussed, can be a nightmare to getting your loan funded.
Do not apply for any other credit curing the loan process. All too often people buy a new car or open up new credit cards after they've applied for a mortgage but before the loan closes. Don't do this! Any changes to available credit or any extra debt incurred will likely affect your debt to income ratios and could render you inelible for a mortgage - even if you've already been approved.
To make sure nothing will go wrong with your loan, pay all of your loan payments and credit card payments on time. Late payments could cause your credit score to drop.
If you have made any unusually large deposits to your bank accounts in the last 60 days, provide your Mortgage Professional with documetation on the source of those funds. For example, if your parents have given you some cash as a gift to help you purchase your home, your parents will need to sign a short letter explaining the gift. You will also need to have a copy of the check and a copy of the deposit receipt. Your Mortgage Professional can provide you with a letter of explanation for your parents to sign.
A loan underwriter will often times want a written explanation for any derogatory items on your credit report. It is a very good idea to review your credit report with your loan officer to make sure that all derogatory items are being reported accurately. That will also give you some time to prepare proper explanations for those accounts that are correctly reporting derogatory information. An experienced and well trained loan officer such as myself will review the credit report with all clients as a way of being proactive with explanation requests from the underwriter.
One way to make sure nothing goes wrong with your loan is to provide only copies of your paperwork. If you provide an original and it gets lost in the process you could be looking at a loan delay or even a denial.
Stability is important before the loan closes to make sure nothing goes wrong with the loan. Do not make adverse changes to your debt, credit, assets or employment.