Congratulations, you have been pre-approved, after providing reams of tax and other financial documents to your mortgage professional. Now to maintain your pre-approval... We explain to our clients during the buyer's consultation, and during home buyers seminars to please adhere to the below 10 guidelines after you're pre-approved. Unfortunately, even with this admonition, We have had clients get carried away with a little extra gift money, and purchase some expensive necessities (Rule 4). And we agreed the necessities were important, but it could have waited and almost messed up their home purchase. Fortunately their crack mortgage professional saved the day, and salvaged the home loan.
Bottom line: If you are already pre-approved, remember these 10 things not to do after loan application. Do not assume that your lender will go over this information.
Thou Shalt Not:
1) Change jobs, become self employed or quit your job
2) Buy a car, truck or van (or you might be living in it!)
3) Use credit cards excessively or let current accounts fall behind
4) Spend money you have set aside for closing
5) Omit debts or liabilities from your loan application
6) Buy furniture/appliance on credit
7) Originate any inquires into your credit
8) Make large or cash deposits without checking with your mortgage professional
9) Change bank accounts
10) Co-sign a loan for anyone
If you have a question, check with your mortgage professional first, before you leap. After your loan has closed, and you've moved into your dream home, you can spend on other priorities until your heart is content (:.
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