I know it’s happened to you more times than you can say grace over. The buyer purchases a car, furniture, or has a ton of credit inquiries that either holds up the closing—or the worst scenario, the loan never closes because the client no longer qualifies.
I recently had a chance to visit with a loan originator in my small city of Hudson, Wis., and on her desk she had a flyer called the “10 Commandments When Applying for a Loan.” I asked if it would be OK to share it with you and she said sure—but for the sake of full disclosure, she stole it from someone else.
So, please feel free to steal it and use it.
There are any number of ways you can distribute it. Give it out at application. Email prior to the appointment. Blog it. Post on Facebook. Tweet. And/or distribute it to your real estate agents. So, how do you intend to use it?
10 Commandments When Applying for a Mortgage Loan
1. Thou shall not change jobs or become self-employed.
2. Thou shall not buy a car, truck or van unless you plan to live in it.
3. Thou shall not use your credit cards or let your payments fall behind.
4. Thou shall not spend the money you have saved for your downpayment.
5. Thou shall not buy furniture before you buy your house.
6. Thou shall not originate any new inquiries on your credit report.
7. Thou shall not make any large deposits into your bank account.
8. Thou shall not change bank accounts.
9. Thou shall not co-sign for anyone.
10. Thou shall not purchase anything until after the closing.
