• Don’t buy or lease a new car or you may find yourself living in it.
  • Don’t quit your job to change industries or start a new company.
  • Don’t switch from a salaried job to a heavily-commissioned job or 1099 independent contractor position.
  • Don’t transfer large sums of money between bank accounts. If you need to do so, check with your loan officer to ensure what kind of documentation will be required BEFORE you make the transfer.
  • Don’t forget to pay your bills — even the ones in dispute.
  • Don’t open new credit cards — even if you’re getting 20% off. (And yes the offers at some of the department stores are tempting but resist the temptation!).
  • Don’t make big purchases on the existing credit cards. The time to buy the new furniture and appliances on credit is AFTER you own the home, not before.
  • Don’t close any credit card accounts. This may change your ratios, which help determine how much mortgage you qualify for.
  • Don’t accept a cash gift without filing the proper “gift” paperwork. Ask your lender what documentation is required.
  • Don’t make random, undocumented deposits into your bank account.

If circumstances dictate that you might need to engage in some of these behaviors, always talk to your loan officer first. And then follow their advice. If you need a referral to a good loan officer who can help you through the process, I’d be happy to provide one.

Please heed the advice of these 10 Mortgage Commandments, there is nothing so painful than being told just when you thought you were going to sign loan documents and move in to your new house, that your lender will not provide you will a loan because one of these 10 Mortgage Commandments were broken.

I do hope these 10 Mortgage Commandments can save you from some heartache.

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