10 Loan Commandments

10 Commandments when applying for a home loan.

1. Thou shalt NOT change jobs, become self-employed or quit your job.
2. Thou shalt NOT buy a car, truck or van or you may be living in it.
3. Thou shalt NOT use, apply for credit cards or become delinquent on your credit cards.
4. Thou shalt NOT spend money you have set aside for closing.
5. Thou shalt NOT omit debts or liabilities from your loan application.
6. Thou shalt NOT buy furniture.
7. Thou shalt NOT originate any inquiries on your credit
8. Thou shalt NOT make large deposits without first checking with your mortgage consultant.
9. Thou shalt NOT change bank accounts.
10. Thou shalt NOT co-sign a loan for anyone.

These can adversely affect your application by lowering your credit score and/or increase your liabilities.