The 10 Commandments When Applying for a Mortgage Loan
1. Thou Shalt NOT change jobs or become self employed
2. Thou Shalt NOT buy a Car, Truck or Van unless you plan to live in it
3. Thou Shalt NOT use credit cards or let payments fall behind
4. Thou Shalt NOT spend the money you have saved for your down payment
5. Thou Shalt NOT omit debts or liabilities from your loan application
6. Thou Shalt NOT buy furniture even on deferred payment plans until after the loan closing or purchase anything on credit until after the loan closing
7. Thou Shalt NOT originate any new inquiries against your credit report
8. Thou Shalt NOT make large deposits into or out of your checking account with out consulting your loan officer
9. Thou Shalt NOT change bank accounts
10. Thou Shalt NOT Co-sign a loan for anyone
Bonus ~ 11. Thou Shalt NOT order cable or satalite service until after closing (this originates new inquiries against your credit report)
Thank you in advance for NOT making drastic changes in your finances during the mortgage process.
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