| One of the keys to hearing “You’re Approved!” when applying for a mortgage is consistency in your financial and employment situation. Plan ahead and your purchase will go smoothly! Here are a few rules to live by between the time you make your loan application and the day you close your home purchase:
- 1. Thou shalt not change jobs, become self-employed, or quit your job no matter how much you may hate it, until the day after your purchase closes!
- 2. Thou shalt not buy a car, truck or van unless you want to 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 until you own a home to put it in.
- 7. Thou shalt not originate 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.