Ten Commandments: Things You Don’t Do When Applying For A Mortgage Loan

10Commandments

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

  1. Thou shalt not change jobs, quit your job or become self-employed.
  2. Thou shalt not make a major purchase such as a new car or truck. If you do, you may be living in it.
  3. Thou shalt not use charge cards excessively or let your payments fall behind.
  4. Thou shalt not spend money set aside for closing.
  5. Thou shalt not omit debits or liabilities from your loan application. examples- student loans, child support, maintenance, etc…
  6. Thou shalt not buy new furniture, refrigerator, washer, dryer, etc. Purchase those items after closing.
  7. Thou shalt not originate multiple credit inquiries.
  8. Thou shalt not make large deposits into bank account without first checking with the Loan Officer.
  9. Thou shalt not change banks or bank accounts.
  10. 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

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