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What Part of “Thou Shalt Not” Don’t You Understand?

February 9, 2014 Leave a comment

THE TEN COMMANDMENTS When applying for a Real Estate Loan

  

•·       Thou shalt not change jobs, become self-employed or quit your job.

•·       Thou shalt not buy a car, truck or van (or you may be living in it)!

•·       Thou shalt not use charge cards excessively or let your accounts fall behind.

•·       Thou shalt not spend money you have set aside for closing.

•·       Thou shalt not omit debts or liabilities from you loan application.

•·       Thou shalt not buy furniture.

•·       Thou shalt not originate any inquiries into your credit.

•·       Thou shalt not make large deposits without first checking with your loan officer.

•·       Thou shalt not change bank accounts

•·       Thou shalt not co-sign a loan for anyone.

  

 

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The 10 “Thou Shalt Nots” When Applying for a Real Estate Loan

February 10, 2010 Leave a comment

  Thou Shalt Not

•·       Thou shalt not change jobs, become self-employed or quit your job.

•·       Thou shalt not co-sign a loan for anyone

•·       Thou shalt not use charge cards excessively or let your accounts fall behind.

•·       Thou shalt not spend money you have set aside for closing.

•·       Thou shalt not omit debts or liabilities from you loan application.

•·       Thou shalt not buy furniture.

•·       Thou shalt not originate any inquiries into your credit.

•·       Thou shalt not make large deposits without first checking with your loan officer.

•·       Thou shalt not change bank accounts

•·       Thou shalt not buy a car, truck or van (or you may be living in it)!  

Depending on your credit score, a one point drop could be the difference on whether you get final approval.  Your mortgage company will run your credit again just before closing to make sure there are no changes which negatively affect your score.  Just because you were pre-approved, doesn’t mean you can’t get UN-approved!