As a Realtor, when I meet with buyers, we discuss what they need to do and what they MUST NOT DO before getting a mortgage. I have created a set of commandments like “Thou shalt not become self-employed, change jobs or quit your job.”
Many buyers chuckle at this. But I have to believe that not every Realtor covers this information with their buyers because this week we had not one but two buyers break the commandments on our listing, sending the loan approvals into a downward spiral. One buyer apparently thought he could still get a loan after taking a leave of absence, suing his employer and then quitting a job.
Also, if you are a buyer purchasing a short sale property (often a long process), there’s enough time that your financial situation could change dramatically from the time of pre-approval to the time of final underwriting. Some situations – devastating illness, death of a spouse – are unpreventable. Others are definitely in your control.
Here are the 10 commandments for getting a mortgage:
10. Don't make random, undocumented deposits into your bank account
If circumstances dictate that you might need to engage in some of these behaviors, always talk to your loan officer first. And then follow their advice. If you need a referral to a good loan officer who can help you through the process, I’d be happy to provide one.
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