Lenders get very cautious when your life circumstances change during the period between applying for a mortgage and closing on it. Here are some rules that you should follow during those critical weeks:
Rule 1: Do not change employers, become self-employed or quit your job
Rule 2: Do not take on a long-term debt such as buying a car, boat RV or furniture
Rule 3: Do not overly use your credit cards or let your accounts fall behind
Rule4: Do not spend any of your cash reserves (you will need enough set aside to cover closing costs)
Rule 5: Do not omit any debts or liabilities from your loan application
Rule 6: Do not originate any inquiries into your credit history
Rule 7: Do not make large deposits without first checking with your Mortgage Advisor.
Rule 8: Do not change bank accounts
Rule 9: Do not co-sign a loan for anyone
It is important for you assist your Mortgage Professional by vigilantly following these rules and disclosing EVERYTHING to your Mortgage Advisor during and after the loan application all the way through closing. You will certainly have a much more pleasant transaction!
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