10 Commandments When Buying a Home
February 28, 2012

After 30 years in the business, we sometimes take for granted that borrowers understand the need to keep all their debts and income the same during the loan process. Until closing, everything is subject to review and reevaluation. When borrowers make changes during the loan process, surprises happen: the loan process may go south or the sale may be in jeopardy. And the lender becomes the bearer of the bad news. No one likes this to happen, so I have borrowed the list below from Karen Deis, an entrepreneurial mortgage consultant who hosts the Mortgage Currentcy website. Deis’ public list is a good reminder that once you have applied for a loan, do not buy a car or change jobs!

10 Commandments When Applying for a Mortgage Loan
1. Thou shall not change jobs or become self-employed.
2. Thou shall not buy a car, truck or van unless you plan to live in it.
3. Thou shall not use your credit cards or let your payments fall behind.
4. Thou shall not spend the money you have saved for your down payment.
5. Thou shall not buy furniture before you buy your house.
6. Thou shall not originate any new inquiries on your credit report.
7. Thou shall not make any large deposits into your bank account.
8. Thou shall not change bank accounts.
9. Thou shall not co-sign for anyone.
10. Thou shall not purchase ANYTHING until after the closing.

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Posted by Pam Woodall


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