Sharing these lending tips from Inlanta Mortgage from their "The Ten Commandments of Mortgage Lending"...."10 Steps to Help You Avoid Disaster During the Mortgage Process" flyer.
I have blogged before about what factors go into determining ones credit score and how to improve ones credit score knowing those factors. I thought this was a great article to share on what not to do during the lending process to avoid disaster. This covers the time period of where one has been pre-qualified for a mortgage loan through the pre-approval loan stage to the underwriting stage on to closing date.
These are great tips on what not to do, that one may or may not have been aware of before, that affects the outcome of one getting a mortgage loan...and these are good tips on thinking ahead for the day when one wants to apply for a mortgage loan.
Here are the 10 Steps to Help You Avoid Disaster During the Mortgage Process:
Thou Shall Not change jobs or become self-employed
Thou Shall Not originate any new inquiries on your credit report.
Thou Shall Not buy a car, truck or van unless you plan to live in it
Thou Shall Not use your credit cards or fall behind on your payments
Thou Shall Not spend money you have saved for your down payment, get a gift for closing, or take out a retirement loan without first consulting your Mortgage Banker
Thou Shall Not buy furniture before you buy your house
Thou Shall Not make any large deposits into your bank account unless you plan on documenting that deposit and origin of the money (i.e.anything that is not payroll related)
Thou Shall Not change bank accounts
Thou Shall Not co-sign for anyone
Thou Shall Not purchase ANYTHING until after closing
Again, thanks to Inltanta Mortgage and to Branch Manager Kolbey Nelson at the Grand Haven office for providing this information. Kolbey can be reached at #616-510-7365.