When buying a home and applying for a mortgage, you should always follow a few important rules. Once you’ve been pre-approved for a home loan, searched homes for sale, submitted an offer to purchase and have an accepted contract, you must now secure the mortgage loan.
Just because you have a pre-approval letter from a mortgage professional (lender) doesn’t necessarily mean that you are able to secure the mortgage loan and close on the home. Remember this: your home loan is never secured until you’ve actually closed on the home. In order to ensure you’re home loan process goes as smoothly as possible, please follow these 10 commandments.
1) Thou shalt not change jobs, become self-employed or quit your current 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 costs.
5) Thou shalt not omit debts or liabilities from your home loan application.
6) Thou shalt not buy furniture for your new home before closing on your new home.
7) Thou shalt not originate any unnecessary inquiries into your credit.
8) Thou shalt not make large cash deposits into your bank account.
9) Thou shalt not change banks, bank accounts or financial institutions.
10) Thou shalt not co-sign a loan for anyone.
If you’re buying a home in Dayton Ohio or surrounding areas and would like to speak to a mortgage banker please contact Matthew Edwards at Citizens Home Loans of America, Inc. | NMLS# 1026303 | OH# LO.024146.001
7601 Paragon Road #202
Dayton, OH 45459