Do you know the 10 Commandments of Mortgage Financing?
While applying and receiving a mortgage in today’s climate isn’t easy, using an experienced loan originator is essential. Lenders can advise you on the duration of time that some of the “no-nos” below will stay on your credit history and which violations of the mortgage commandments will hinder mortgage acceptance the most.
These suggestions from Homestead Funding Corporation just might keep you from getting into a sticky situation when applying for your next loan.
1st. Thou shalt not “change jobs”
2nd. Thou shalt not “co-sign a loan for ANYONE”
3rd. Thou shalt not “buy a vehicle”
4th. Thou shalt not “use credit cards excessively or make late payments on ANY of your accounts”
5th. Thou shalt not “spend money set aside for closing”
6th. Thou shalt not “omit debts or liabilities from your loan application”
7th. Thou shalt not “buy furniture, appliances or household items before closing”
8th. Thou shalt not “originate any inquiries into your credit”
9th. Thou shalt not “make large deposits into your bank or investment accounts without first checking with your loan originator”
10th. Thou shalt not “change bank accounts”
What can you do to ease the process of buying a home? Obtaining a pre-qualification letter from a trusted lender will not only cut down on processing and closing time, it will also help you focus your home search to properties which fit your bank approved budget. Contact us for more information on local lender options or if we can assist you with your home search.