BiggerPockets

What Every Mortgage Applicant Should Know

Friday, January 16

Keep Your clients Informed......
What Every Mortgage Applicant Should Know
 
1.   Thou shall not change jobs, become self-employed or quit your job. 

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

3.   Thou shall not use charge cards excessively or let your accounts fall behind. 

4.   Thou shall not spend money you have set aside for closing.

5.   Thou shall not omit debts or liabilities from your loan application.

6.   Thou shall not buy furniture.

7.   Thou shall not originate any inquiries into your credit.

8.   Thou shall not make large deposits without first checking with your loan officer.

9.   Thou shall not change bank accounts.

10. Thou shall not co-sign on a loan for anyone.

Comments

1. 

   James Miller Reply
   about 3 years ago

   Funny but true.

   Our loan officer said that people do these things all the time after they are approved for a loan. I think people all of a sudden feel that they are "richer", but end up jeopardizing their loan by going out and buying something.

   James Miller
   http://www.realestategozone.com/
   http://realestategozone.wordpress.com/