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THE TEN COMMANDMENTS When applying for a Real Estate Loan

Blog by Century 21 Amos Realty | March 5th, 2014

There are 10 commandments to follow when applying for a real estate loan/mortgage. These will help ensure when you are preapproved to purchase that you will not be turned down afterwards. See below:
  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

    Any increase in your deb/service ration will decrease the amount of loan you are eligable. If you increase your ratio or co-sign for a loan this may change your status from approved to declined. The greater the debt ratio the less of a loan you are eligable for. Follow these 10 commandments and your eligability for a loan will increase.

    If you have any further queations please let us know.