The Ten Commandments of Mortgage Application

When Preparing to Apply for a Mortgage

Wanted to pass on a these general guidelines for anyone preparing to apply for a home mortgage. Courtesy of Charity Beckett at Bank of America.

  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 charge cards excessively or let your accounts fall behind.
  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 into your credit.
  8. Thou shalt not make large deposits without first checking with your Loan Officer.
  9. Thou shalt not change bank accounts.
  10. Thou shalt not co-sign a loan for anyone.