Once you submit your mortgage / loan application to the lender, it is important that you donâ€™tÂ change your financial picture in any way.Â Lenders look at several key items, including your current job, credit score and debt-to-income ratios.Â The following â€œcommandmentsâ€ can impact your ability to purchase / close on your new home.
I.Â Â Â Â Thou shallÂ notÂ change jobs, become self-employed or quit your job.
II.Â Â Thou shallÂ notÂ buy a car, truck or van (or you may be living in it)!
III.Â Thou shallÂ notÂ use charge cards excessively or let your accounts fall behind.
IV.Â Thou shallÂ notÂ spend money you have set aside for closing.
V.Â Â Â Thou shallÂ notÂ omit debts or liabilities from your loan application.
VI.Â Thou shallÂ notÂ buyÂ (or order) new furniture.
VII.Â Thou shallÂ notÂ originate any inquiries into your credit.
VIII.Â Thou shallÂ notÂ make large deposits without first checking with your loan officer. ***
IX.Â Thou shallÂ notÂ change bank accounts.
X.Â Â Thou shallÂ notÂ co-sign a loan forÂ anyone.
*** If you are receiving a â€œgiftâ€ from a friend or family member to help with the home purchase, please consult your loan officer or mortgage broker before depositing any large ($500+) amounts in your bank account. Â
Have questions about the purchase of your next home? Â We would love to help! Â Call anytime at 404.432.1844.