What Not to Do When Applying for a Mortgage

Most home buyers don't realize how important the communication is between their Realtor and mortgage broker. Your Realtor will need all the details of your preapproval before you begin your home search.  

If you are considering purchasing a home in the near future, here are ten great tips to follow. My preferred lender at Vanmar Lending, Ron Saporito, in Palm Desert provides this to all of our clients when completing the mortgage application and I thought it would be great to share. The loan process can be overwhelming but the more prepared you are, the smoother it will go.  As funny as the presentation is, all of the "Commandments" hold truth.  

10 Commandments for Applying for a Mortgage in Palm Desert, CA

1. Thou shalt not change jobs, become self-employed or quit your job.

2. Thou shalt not buy a car, truck or van (or you may be living in it).

3. Thou shalt not use charge cards excessively or let your accounts fall behind.

4. Thou shalt not spend money you have set aside for closing.

5. Thou shalt not stop making your mortgage payments while waiting for your refinance to go through.

6. Thou shalt not originate any inquiries into your credit.

7. Thou shalt not make large deposits without first checking with your Loan Officer.

8. Thou shalt not change bank accounts.

9. Thou shalt not co-sign a loan for anyone.

10. Thou shalt ensure that the application is completed fully, accurately and honestly.

And your bonus commandment:

Tell your male friends and relatives not to name their son after them unless they are willing to share their offspring's credit problems for the rest of their lives!

Each of these 'sins' has been committed by a mortgage borrower resulting in the denial of their application. Don't let this happen to you.

If your looking to purchase a home in the near future, contact me. I'll be more than happy to walk you through the process.