As of June 1, 2010, we are required to pull a refresher credit report prior to funding a loan. Funding will not take place until any inquiries, late payments, or new accounts are explained and the file will need to be re-underwritten to include the new debt and take in to consideration late payments and/or decreased credit scores. It’s a tough world out there in the mortgage | home loan process, making the following Ten Commandments to follow when applying for a home loan more important then ever:
THE TEN COMMANDMENTS
When applying for a Real Estate Home Loan
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 omit debts or liabilities from your loan application.
6. Thou shalt not buy furniture, appliances or anything else for your new home.
7. Thou shalt not originate any inquiries into your credit.
8. Thou shalt not make large deposits without first checking with your loan officer.
9. Thou shalt not change bank accounts.
10.Thou shalt not co-sign a loan for anyone.
See you at the closing table!
Comments(2)