Most know that buying two homes at the exact same time is bad juju – but when it comes to wanting to pay off credit cards, who would have thought that could get someone into trouble.
Just when you thought it was safe to pay off your car, think again.
Here are the 10 commandments to keeping the ability to obtain a loan for the home you are purchasing.
- Thou shalt not change jobs, become self-employed or quit your job.
- Thou shalt not buy a car, truck or van (or you may be living in it)!
- Thou shalt not use credit cards excessively or let current accounts fall behind.
- Thou shalt not spend money you have set aside for closing.
- Thou shalt not omit debts or liabilities from your loan application.
- Thou shalt not buy furniture on credit.
- Thou shalt not originate any inquires into your credit (no applying for credit of any kind, not even a gas card!)
- Thou shalt not make large deposits without checking with your loan officer.
- Thou shalt not change bank accounts
- Thou shalt not co-sign a loan for anyone.
Here is the 10, brought to us my Mike Meena at Augusta Financial.
You have no idea how many times people have not been able to finance real estate, even after they were approved, because they broke one of these 10.
Forgiveness comes with the Biblical 10, but on the Funding Side – No such benefit with the lending relationship 🙂
Be safe – enjoy the post and let us know when you are ready to MOVE…