10 Commandments When Applying for a Home Mortgage

By Kerry Lucasse |

10 Important Things You Need to Know When Applying for a Home Mortgage.

Atlanta home buyer adviceOnce you submit your mortgage / loan application to the lender, it is important that you don’t change your financial picture in any way.  Lenders look at several key items, including your current job, credit score and debt-to-income ratios.  The following “commandments” can impact your ability to purchase / close on your new home.

I.     Thou shall not change jobs, become self-employed or quit your job.

II.   Thou shall not buy a car, truck or van (or you may be living in it)!

III.  Thou shall not use charge cards excessively or let your accounts fall behind.

IV.  Thou shall not spend money you have set aside for closing.

V.    Thou shall not omit debts or liabilities from your loan application.

VI.  Thou shall not buy (or order) new furniture.

VII.  Thou shall not originate any inquiries into your credit.

VIII.  Thou shall not make large deposits without first checking with your loan officer. ***

IX.  Thou shall not change bank accounts.

X.   Thou shall not co-sign a loan for anyone.


*** If you are receiving a “gift” from a friend or family member to help with the home purchase, please consult your loan officer or mortgage broker before depositing any large ($500+) amounts in your bank account.  


Have questions about the purchase of your next home?  We would love to help!  Call anytime at 404.721.3001.

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