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

  1. Thou shalt NOT change jobs, become self-employed, or quit your job anytime during the mortgage process

  2. Thou shalt NOT buy a car, truck, van, ATV, boat, camper or timeshare. (or you may find yourself living in it!).

  3. Thou shalt NOT use charge cards excessively or let your accounts fall behind. Or, close any existing credit lines.

  4. Thou shalt NOT buy furniture, household items, or spend any money or funds  before your mortgage / loan or escrow closes.

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

  6. Thou shalt NOT stop paying your rent or current mortgage or any other bills.

  7. Thou shalt NOT originate any inquiries on your credit. Nor order additional credit reports for anything.

  8. Thou shalt NOT make large deposits without first checking with your loan or mortgage officer.

  9. Thou shalt NOT change bank accounts, open accounts, close accounts, change account ownership or transfer funds back and forth between accounts.

  10. Thou shalt NOT co-sign on a loan or type of Credit for anyone.


Happy house hunting!

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