ABSOLUTELY DO NOT DO ANY OF THESE DURING YOUR MORTGAGE PROCESS
The decision has been made to buy or refinance a home. Your finances are ready, so now, Here are 10 Mortgage Commandments that you need to follow when applying for a mortgage, after you have been approved, and especially During the Mortgage / Escrow Process!
Less than 50% of mortgage applications get to closing – Doing any of these will mean losing your loan and falling out of the Mortgage Process and/or having to go through the approval process over again and this time you will probably need a different bank and you will not get the loan you liked the best
- Thou shalt NOT change jobs, become self-employed, or quit your job anytime during the mortgage process
- Thou shalt NOT buy a car, truck, van, ATV, boat, camper or timeshare. (or you may find yourself living in it!).
- Thou shalt NOT use charge cards excessively or let your accounts fall behind. Or, close any existing credit lines.
- Thou shalt NOT buy furniture, household items, or spend any money or funds before your mortgage / loan or escrow closes.
- Thou shalt NOT omit debts or liabilities from your mortgage loan application.
- Thou shalt NOT stop paying your rent or current mortgage or any other bills.
- Thou shalt NOT originate any inquiries on your credit. Nor order additional credit reports for anything.
- Thou shalt NOT make large deposits without first checking with your loan or mortgage officer.
- Thou shalt NOT change bank accounts, open accounts, close accounts, change account ownership or transfer funds back and forth between accounts.
- Thou shalt NOT co-sign on a loan or type of Credit for anyone.
MORTGAGE CALCULATOR
Happy house hunting!
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