10 Commandments for Home Buyers
When you are buying a home, you want your financial records and actions to be sharply clean so you can qualify for the lowest rate available at the time of your application. It is easy to get stressed out when you prepare for applying for a home loan. Following the 10 Commandments below will help you stay on the straight and narrow financial path to home loan success.
1
Thou shalt NOT change your job before submitting a loan inquiry for a home loan.
2
Thou shalt NOT change banks.
3
Thou shalt NOT buy a car or truck or any other form of transportation that you have to finance.
4
Thou shalt NOT buy furniture on credit before buying your house.
5
Thou shalt NOT be late on your credit card payments or charge excessively.
6
Thou shalt NOT make large or cash deposits into your bank accounts.
7
Thou shalt NOT lie on your loan inquiry.
8
Thou shalt NOT co-sign a loan for anyone.
9
Thou shalt NOT have inquiries made into your credit.
10
Thou shalt NOT spend your money for closing costs.