Congratulations! You have found your dream home, and have made an application for a mortgage. Now is the time to become very predictable and frugal.
Remember, a mortgage underwriter will not look kindly upon your sudden change in spending habits and patterns. You need to resist the temptation to furnish your entire house on your credit card during a visit to the local Raymour & Flanigan.
A new car would look great in your new driveway, but just hold off on that thought.
Now is the the time to be very conservative with your finances. An influx of new debt, or a big change in your financial picture, and you could jeopardize your chances of qualifying for a mortgage.
In a humorous vein, make sure to follow the commandments below – remember you have not actually bought a house until after settlement!
10 Commandments For A Mortgage Applicant
Thou shalt not change jobs or become self employed
Thou shall not buy a car, truck or van unless you plan to live in it
Thou shall not use your credit cards or let your payments fall behind
Thou shall not spend the money you have saved for your down payment
Thou shall not buy furniture before you buy your house
Thou shall not originate any new inquiries on your credit report
Thou shall not make any large deposits into your bank account
Thou shall not change bank accounts
Thou shall not co-sign for anyone
Thou shall not purchase ANYTHING until after the closing
Wallingford Real Estate – Wallingford, PA 19086
