Financing guidelines seem to change weekly. If your lender has not had this conversation with you yet, then read these 10 Commandment to avoid denial. (Not a river in the Nile).
THE 10 COMMANDMENTS WHEN 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 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.
I am unsure where these came from, but the above are VERY important to underwriters who approve your loan. If you have any questions and an Ann Arbor Area home buyer , then ask your lender. As your Ann Arbor Real Estate Experts, we want to see you be successful in your home purchase. If you are buying a lake house, wait until after closing to buy a boat – please! We are here to guide Ann Arbor Area buyers.
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