The 10 Commandments When Applying for a Mortgage Loan

The 10 Commandments When Applying for a Mortgage Loan

1.  Thou Shalt NOT change jobs or become self employed

2.  Thou Shalt NOT buy a Car, Truck or Van unless you plan to live in it

3.  Thou Shalt NOT use credit cards or let payments fall behind

4.  Thou Shalt NOT spend the money you have saved for your down payment

5.  Thou Shalt NOT omit debts or liabilities from your loan application

6.  Thou Shalt NOT buy furniture even on deferred payment plans until after the loan closing or purchase anything on credit until after the loan closing

7.  Thou Shalt NOT originate any new inquiries against your credit report

8.  Thou Shalt NOT make large deposits into or out of your checking account without consulting your loan officer

9.  Thou Shalt NOT change bank accounts

10.  Thou Shalt NOT Co-sign a loan for anyone

Thanks to Catherine Wallenmeyer, Senior Loan Officer, at Presidential Mortgage Group in Montgomery Village, Maryland, 240-793-1342, for providing this advice for home buyers. catherine.wallenmeyer@presidential.com

 Blooming for Maryland home buyers this spring!