Ten Commandments For La Quinta Home Buyers

Attention La Quinta Home Buyers: My Loan Officer at Franklin Loan Center in Palm Desert presented me with a copy of Ten Commandments for Borrowers. As funny as the presentation is, all of the "Commandments" hold truth.  

10 Commandments of Applying for a Mortgage

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.

 The Lori Bowers Group Desert Properties, La Quinta, CA