You’ve made an offer on the house of your dreams and finished negotiating. Now what? You’ll still need to finalize your home mortgage to help your closing move forward and get you into your new home.
Even with a preapproval, your credit score, income, and assets are typically reevaluated later in the loan process. For that reason, a number of actions on your part may affect the mortgage transaction after the seller has accepted your offer but before the closing makes the property officially yours.
Think about your financial activity
The following events will need to be disclosed to and considered by your mortgage lender:
- You have a change in employment status, unless your new job is in the same line of work and provides equal or higher pay.
- You’ve authorized any inquiries into your credit report.
- There have been transfers between your existing bank accounts or you’ve changed bank accounts.
- There have been significant deposits (apart from those associated with your regular pay) made to your bank accounts.
- You cosign on a loan.
- You take on additional debt through the purchase of an automobile, other real estate, or home improvement project.
- You apply for credit of any type.
- You charge a large amount on any existing credit cards.
These actions won’t necessarily disqualify your loan application, but knowing that they will be examined may lead you to choose to delay or avoid these actions, at least until you’ve completed your home closing.
Track your loan’s progress
Wells Fargo’s yourLoanTrackerSM is a suite of digital features designed to provide a clear and more convenient way to track your home loan progress from application to closing, receive disclosures, and upload important documents needed for loan approval.
You’ll still work side-by-side with a Wells Fargo home mortgage specialist who will let you know if yourLoanTracker is available with your loan and who is committed to helping you understand what’s happening with your loan throughout the process. But yourLoanTracker lets you follow your loan’s progress and complete important tasks from any computer, smart phone, or tablet. You can use some or all of its features. You can:
- Track your loan’s eStatus progress-at-a-glance, whenever you want.
- Track your action items and Wells Fargo’s next steps at each point in the process.
- Choose eDelivery of important documents, rather than waiting for mail delivery.
- Send documents to Wells Fargo using eUpload.
- Get quick confirmation that uploaded documents have been received.
- Request updates and reporting of key milestones via emails and text alerts.
Once you reach closing, yourLoanTracker‘s work is finished. But you’ll still have the relationship with your Wells Fargo Home Mortgage specialist to support you with annual mortgage checkups and to show you how managing your mortgage well can contribute to your overall financial health.