Make Sure Your Loan Goes Through with These 10 Tips!

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Not long ago, the process of applying for a mortgage loan was quite simple. The old joke goes that if you could fog a mirror you could get a loan. Well, we paid for those loose standards with the market crash and now loan underwriting standards are on much more solid ground. Today, we give you the 10 commandments thou shalt obey if you want your loan to go through:

  1. Thou shalt not change jobs, become self-employed, or quit.
  2. Thou shalt not buy a car, truck, van, or boat (or you might end up living in it!). 
  3. Thou shalt not use charge cards excessively or let accounts fall behind.
  4. Thou shalt not use the money that was set aside for the down payment.
  5. Thou shalt not omit debt or liabilities from the application (your lender will find out and it will not be good!).
  6. Thou shalt not buy furniture or any other household appliance (until the key for the home is in your hands!).
  7. Thou shalt not originate any inquiries to your credit, especially via the internet.
  8. Thou shalt not take the mattress money or any other gifts and deposit them.
  9. Thou shalt not close any bank account or credit line for any reason.
  10. Thou shalt not cosign on a loan for any family member or friend no matter how dire the situation.

We thought we'd give a humorous take on a rather boring subject: qualifying for a loan. In truth, this is an important process that needs to be taken seriously if you want to be able to afford the home of your dreams. Here's the point: you want to keep your financial picture consistent from the time you apply for the loan until that loan closes and you have the keys to your new home. Once that happens, feel free to do whatever you want! Well, so long as you can afford your mortgage payments!

We hope you found this information helpful. Our goal is to keep you informed, so you can make smart and financially beneficial decisions in the real estate marketplace. We're always available to chat, so feel free to give us a call or shoot us an email. We look forward to hearing from you!

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