Unless you have been hiding under a rock, you know that mortgage rates are at record lows. It's also true, that it's a buyers market. So you say to yourself, perhaps it's time to buy a house? Or downsize? Or finally get that master bathroom you've always wanted. Whatever your reasoning, it is a great time to purchase a home.So you look around, you find exactly what you are looking for, you work with a lending officer to work out the details of a home mortgage and you put an offer on your dream house. Easy, right? Ninety-nine percent of the time it is easy, however there are a few things you should know when securing a mortgage. These are the Ten Commandments of a Home Loan. Sure, there are others, but these are a few of the things a mortgage lender will tell you.
Ten Commandments When Applying for a Mortgage
1)Thou shalt 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 down payment
5) Thou shall not buy furniture before you buy your house
6) Thou shall not acquire 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 during the loan
9) Thou shall not co-sign for anyone
10) Thou shall not purchase ANYTHING until after the closing
So get out there and start looking for your next new home...but keep that credit card safely stashed away!
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