You've been careful with your finances, saved for a down payment, and finally received approval for a mortgage loan. It's time to celebrate, right?Not yet. Your lender will recheck your credit right
Ten Commandments Of Buyers
If you are in the process of buying a home, remember you do not want to do anything that will change your credit or affect it in any way until after you close on your home. Lenders will look into your credit when you first get pre-approved, and then check it again (and maybe a few more times) before you are able to sign the mortgage. Please do not get excited and buy new furniture for your home or change jobs, just be patient. There will always be time to do it after the closing!!
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 thinking about buying a new home anytime soon these things are good for you to follow too. Following these rules will allow you to have more buying power.
The Supreme Commander of The Real Estate MarketPlace and A Good Guy, In General! Ron "Chip" Franks was born in 1972 in the thriving metropolis of Killeen, Texas and makes his profession there as on....
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