A few rules to observe while you are waiting to close on your home – you might be aware of all or most of all, but I thought it would be a good idea to post them regardless.
Lenders will check your credit and employment hours before closing and will NOT fund your loan if there are any major changes. If you have any problems come up (ie. car breaks down and you HAVE to buy a new one) please contact your loan office to discuss this. In fact, check with them for any major financial changes or decisions.
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 your 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 originate any inquiries into your credit.
8. Thou shalt not make large deposits without first checking with your loan officer. They’ll want to know where that money is coming from! You’ll have to prove it!
9. Thou shalt not change bank accounts.
10. Thou shalt not co-sign a loan for anyone.