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Avoid the Following Financial Sins When Applying For a Mortgage

Planning to buy a home soon? Make sure that you are aware of all the factors that can affect your ability to qualify for a mortgage approval. To allow for a higher probability for an approval and the best terms, follow these 10 home buying commandments.

  • Thou shalt not change jobs, become self-employed, or quit your job.
  • Thou shalt not buy a car, truck, or van, boat, RV, etc.
  • Thou shalt not use credit cards excessively.
  • Thou shalt not let current accounts fall behind.
  • Thou shalt not spend money you have set aside for down payment and closing costs.
  • Thou shalt not finance any new furniture.
  • Thou shalt not originate any inquires into your credit.
  • Thou shalt not make cash deposits without checking with your loan officer.
  • Thou shalt not change bank accounts.
  • Thou shalt not co-sign a loan for anyone.
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