Blog by Michele Ronsisvalle
You’ve jumped through all the hoops and submitted every document your lender has requested, sometimes even more than once. Now you’re in the home stretch and it’s finally closing day!
It’s not unusual for a mortgage company to check your credit just one more time the morning of closing, just to make sure nothing has changed significantly. So keep in mind that from the moment you have initially applied for your real estate loan, breaking even just one of the following Ten Commandments could result in the loss of the loan, your new home, and very likely your earnest money as well.
Of course, once you sign the documents and you’re closed these commandments no longer apply. But you just bought a house so maybe wait a day or two before you go on that crazy spending spree.
1. Thou shalt not change jobs, become self-employed, or quit your job.
2. Thou shalt not buy a car, truck, motorcycle, or van (or you may find yourself living in it!)
3. Thou shalt not use credit cards excessively or let your accounts fall behind.
4. Thou shalt not spend the 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, televisions, or any other “big ticket” items.
7. Thou shalt not originate any inquiries into your credit, or open new line of 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.