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THE 10 COMMANDMENTS FOR BUYERS


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

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

3. Thou shalt not use credit 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.

7. Thou shalt not originate any 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.

If you are in the process of buying a home, remember that your credit must not change or be affected in any way until you actually sign the paperwork and get possession of your new home. Lenders will not only look into your credit when you first get pre-approved, they will check it again (and sometimes again and again) before they let you sign the mortgage.

I have seen buyer's who saw their home loan turned down DAYS before they were supposed to move into their new home EVEN THOUGHT IT WAS INITIALLY APPROVED because they went out and bought a new truck or furniture for their new home on credit before it actually became their home. Now they have a great new truck or beautiful new furniture with no home to put it in. If you want to buy new furniture for your home or change jobs, just be patient. There will always be time to do it after the closing.