The Ten Commandments of Lending
Linda K. Mayer, a Realtor from Southern California, wrote this blog two months ago but I just discovered it. It is very good advice! If you are in the midst of buying a house, be careful not to do anything to screw-up your credit score, mess up your debt to income ratio or cause any questions about your assets.
The Ten Commandments of Lending
Okay so one of the guys here in my new office brought this flyer in to me. It's a very useful tool for buyers to make sure they don't sabotage their own loan while in the process!
1. Thou shalt NOT change jobs or become self-employed until after closing
2. Thou shalt NOT buy a car, truck or van unless you plan to live in it
3. Thou shalt NOT use your credit cards or let payments fall behind
4. Thou shalt NOT spend any of the money you saved for your down payment
5. Thou shalt NOT buy furniture before you buy your house
6. Thou shalt NOT originate any new inquiries on your credit report
(Don't test drive cars as they sometimes pull your credit without you being aware...)
7. Thou shalt not make any large deposits into your bank account(s)
8. Thou shalt NOT change banks or bank accounts
9. Thou shalt NOT co-sign for anyone
10. Thou shalt NOT purchase anything until after closing
So a big thank you to Steve Chavarria for providing this useful tool and for giving me permission to use it!
If you are thinking of moving into my area of Southern California, please don't hesitate to contact me for more local information and listings. I will be more than happy to answer any questions and get you on the right path to homeownership!
Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana.
Warmest Regards,
Linda K. Mayer, RealtorLicense # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
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