10 home buying Commandments

Avoid the Following Financial Sins When Applying For a Mortgage

 

Planning to buy a home soon? Make sure that you are aware of all the factors that can affect your ability to qualify for a mortgage approval. To allow for a higher probability for an approval and the best terms, follow these 10 home buying commandments.

1. Thou shalt not change jobs, become self-employed, or quit your job.
2. Thou shalt not buy a car, truck, or van.
3. Thou shalt not use credit cards excessively.
4. Thou shalt not let current accounts fall behind.
5. Thou shalt not spend money you have set aside for down payment and closing costs.
6. Thou shalt not finance any new furniture.
7. Thou shalt not originate any inquires into your credit.
8. Thou shalt not make cash deposits without checking with your loan officer.
9. Thou shalt not change bank accounts.
10. Thou shalt not co-sign a loan for anyone.

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