I’ve seen it happen many times, a buyer gets pre-approved for a mortgage, puts a contract on a house and then goes out and purchases a bunch of items for that new home or decides to switch jobs. Two words, BIG MISTAKE!!! Here’s 10 Commandments to live by when applying for a mortgage loan.
Ten Commandments of Things NOT To Do When Applying For A Home Loan
- Thou shalt not change jobs, quit your job or become self-employed.
- Thou shalt not make a major purchase such as a new car or truck. If you do, you may be living in it.
- Thou shalt not use charge cards excessively or let your payments fall behind.
- Thou shalt not spend money set aside for closing.
- Thou shalt not omit debits or liabilities from your loan application. examples- student loans, child support, maintenance, etc…
- Thou shalt not buy new furniture, refrigerator, washer, dryer, etc. Purchase those items after closing.
- Thou shalt not originate multiple credit inquiries.
- Thou shalt not make large deposits into bank account without first checking with the Loan Officer.
- Thou shalt not change banks or bank accounts.
- Thou shalt not co-sign for a loan.
Applying and getting approved for a mortgage can be a painless process. Live by the 10 commandments and always get the help of a LOCAL professional. Like our in-house lender Melissa Maxwell w/ Preferred Home Lending or our friends at Pulaski Bank. Give them a call today!!!
Prudential Select Properties St Charles County Office, 636-720-1100