Ten Commandments When Applying for Your Real Estate Loan

By
Real Estate Agent with The Diamond Group @ Keller Williams

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.

 

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

A good rule of thumb to follow...................don't buy anything more expensive than groceries unless you ask your lender!

 

Posted by

The Diamond Group of Keller Williams Realty

'A Cut Above The Rest'

4747 S. Loop 289 Suite 110

Lubbock, Texas 79424

 

806.771.HOME (4663)

thediamondgroup@kw.com

www.lubbocktxhomes4sale.com

 

 

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Comments (8)

Carol Costanzo
Montague Miller and Company - Charlottesville, VA
GRI, SFR

Amen!

Nov 01, 2010 11:24 AM
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

Those are all great tips.  Consistency is key to an approval.

Nov 01, 2010 11:26 AM
'The Diamond Group' 'A Cut Above The Rest'
The Diamond Group @ Keller Williams - Lubbock, TX
Lubbock Texas Real Estate

Carol.........Thank you sister!

Rodney........You are so right......cnsistency in everything

Nov 01, 2010 11:56 AM
Cindy Marchant
Keller Williams Indy NE 317-290-7775 www.marchantteam.com - Carmel, IN
"Cindy in Indy" , Realtor, Fishers Real Estate

I need to print this out!  In this day and age, this is very relevant information!

Cindy in INdy

Nov 01, 2010 03:42 PM
Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

I love this Elizabeth,  so cute and so right on!  Why people won't listen to this advice though, floors me!

Nov 01, 2010 04:15 PM
'The Diamond Group' 'A Cut Above The Rest'
The Diamond Group @ Keller Williams - Lubbock, TX
Lubbock Texas Real Estate

Thanks Cindy.  After a few clients making changes that affected their credit I finally added this to my buyers manual and it has helped.

Thanks Ricki, They need to hear it more than once for sure.

Nov 01, 2010 04:18 PM
'The Diamond Group' 'A Cut Above The Rest'
The Diamond Group @ Keller Williams - Lubbock, TX
Lubbock Texas Real Estate

David thank you for your comments.  That is so sweet.

Nov 04, 2010 09:58 AM

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