The Ten Commandments - When preparing to apply for a mortgage:

  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 charge 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.

I even recommend printing this page out and posting it in a highly-visible location. These items can be the difference between you getting the house, or missing out. 

P.S. It's not just me saying this either, check out the Lighter Side of Real Estate's post on this topic!

 

 

 

Continue to #6 Ten Questions to Ask Your Lender

 

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Lothian MD Homes for Sale - Genna Fleming, REALTOR® with EXIT ELITE REALTY
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