Scott Storace - Branch Manager, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141

"From the minute you call me to the minute we close, I have your back. No hassles, no banker’s hours & quick response times." - Scott Storace

  • Home Loans up to $3,000,000
  • Interest Rate Float Down Option
 

Have Questions? Call 949.973.0141

The Borrower’s TEN COMMANDMENTS

I wish the 10 Commandments were as funny as David Letterman!

I wish the 10 Commandments were as funny as David Letterman!

Purchasing a home or refinancing the one you’re already in is often times both very exciting and stressful.  For those who’ve been through the process circa 2008, you may have heard from others how the times have changed.  Though such guidelines may be frustrating to the already well-documented borrower, you can rest assured that they are in place for your (and the tax payer’s) protection.  To best prepare yourself, I’ve listed below The Borrower’s Ten Commandments.  These are the hard-and-fast DO NOTs for those on the starting line of today’s mortgage process.

THE BORROWER’S TEN COMMANDMENTS

When Applying for a Mortgage

  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 credit cards excessively or let current 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 have any new inquiries into your credit.
  8. Thou shalt not make large deposits without checking with your loan officer.
  9. Thou shalt not change bank accounts.
  10. Thou shalt not co-sign a loan for anyone.

 

Seem silly?  Believe it or not, the aforementioned actions can have quite a substantial impact on your credit worthiness.  For some, buying a new sofa for their new home or changing jobs suddenly could result in credit denial.  Why?  Keep in mind that your debt-to-income ratios are calculated when you apply for your home loan.  The ratios are then “finalized” so-to-speak during underwriting.  Your credit approval is based on the documentation or proof of that information.  If any of this information changes, you could be faced with unexpected results (i.e. credit denial).

Worried?  Don’t be!  The best way to navigate your way through the loan process is by working with a trusted loan officer.  Call or email me today for your mortgage review today.

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