Consistency is KEY after applying for a mortgage. It is very important that you discuss any changes in your income, assets or credit with your lender so you don't inadvertently jeopardize your application!
It is wise to follow these 10 RULES of mortgage applications to ensure that you make it to the closing table!
Do not change jobs, become self-employed, or quit your job!
Do not buy a car or make any other large purchases.
Do not use your credit cards excessively, max them out, or let any of your accounts fall behind!
Do not spend money you have set aside for closing.
Do not omit debts or liabilities from your loan application.
Do not buy new furniture.
Do not make any new inquiries into your credit.
Do not make large deposits without first checking with your lender.
Do not change bank accounts.
Do not co-sign a loan for anyone!
Remember, if you have any questions about what you should and should not do, in regards to finances during the time you are under contract on a home, call your lender and ask! They are there to help!
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