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If you are in the market for a new home are wondering how to get approved for a mortgage, be sure to remember these key guidelines when applying for your loan.
- Thou shalt not change jobs, become self employed or quit your job.
- Thou shalt not buy a car or make any large purchases (such as an engagement ring) whether you are financing it or not.
- Thou shalt not use credit cards in excess or fall behind on payments.
- Thou shalt not spend money set aside for closing.
- Thou shalt not omit debts or liabilities from your loan application.
- Thou shalt not buy furniture. Again, no large purchases!
- Thou shalt not begin any inquiries into your credit. No new loans or credit cards!
- Thou shalt not make any large deposits without checking with your loan officer. If you make them – they need to be well documented.
- Thou shalt not change bank accounts.
- Thou shalt not co-sign another loan with anyone.
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