Ten Commandments For Mortgage Applicants
March 20th, 2007 by Mark FlandersApplying for a mortgage is stressfull under the best of circumstances. Even experienced borrowers feel a little twinge of anxiety at the thought of taking on hundreds of thousands of dollars worth of debt. There are things you can do to reduce the stress. Lists such as this one can be found on all mortgage websites, yet no real estate related site is complete without one. So here’s SoundBiteBlog’s list of Do’s and Don’ts.
The mortgage approval process is forgiving of many things, but these items will throw a serious wrench in the works. The following is a list of things that I see most often as a Loan Officer, that derail the process of getting approved for a mortgage loan.
- Don’t quit your job.
- Don’t pay your bills late.
- Don’t procrastinate getting stuff to the loan officer.
- Don’t lie to your loan officer.
- Don’t withhold information from the Loan Officer.
- Tell your loan officer in advance if you plan on making a large purchase.
- Don’t open any new credit card accounts.
- Do take your time. Make sure you understand everything that is happening.
- Do overestimate expenses and underestimate income. Be conservative.
- Do have fun!
On occasion, you might have to break one of the rules in this list. Life happens and there is just no way to make it a perfect one. When you simply must break one of the rules (with the exceptions of #4 and #5!), let your Loan Officer know about it right away. Let him or her know in advance it at all possible. There are ways to compensate for almost any sitution that can arise during the mortgage loan approval process. But it is much easier to anticipate a problem, than it is to pick up pieces after the fact.
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[...] 3– Ten Commandments For Mortgage Applicants by Mark Flanders [...]
[...] Buckwheats Magnificent 7 nominated article:The 10 Commandments for mortgage applicants really got me thinking. (as did all of the others of course). The number of people who have gone out and bought a car, time share, or a boat just before coming into a loan application has been more than I would have imagined. [...]
Hey this is really a great list and the best advice around for applicants!
Congratulations for winning the Magnificent 7 Award for this post. It is an excellent example of your good work here on the blog. I daresay I will be linking to it very soon! Thanks and congrats!
kk
[...] Ten Commandments For Mortgage Applicants by Mark Flanders [...]
[...] 3– Ten Commandments For Mortgage Applicants by Mark Flanders [...]
Here’s a good one. Don’t loan your friends any money you might need for closing, or don’t borrow any money you might need for closing and not tell anybody about it. Good post.
[...] 10 Commandments For Mortgage Applicants by Buckwheat [...]
I love the list (although I’m catching a few weeks after posting). You’re right in saying it’s common advice for mortgage applicants to stick to these maxims, but there can never be too many reminders. I’ll have to put these out to our readers as well. Great blog by the way, I’m making it a regular stop.