A lot of borrowers will quite innocently cause the downfall of their mortgage. You can avoid potential problems by following these 10 simple commandments:
- Thou shall not change jobs or become self-employed.
- Thou shall not buy a car, truck or van unless you plan to live in it.
- Thou shall not increase your credit card balances or let your payments fall behind.
- Thou shall not spend the money you have set aside for closing.
- Thou shall not buy furniture before you buy your house.
- Thou shall not originate any new inquiries on your credit report.
- Thou shall not make any large deposits without FIRST CHECKING WITH YOUR LOAN ORIGINATOR.
- Thou shall not change bank accounts or move money between accounts.
- Thou shall not co-sign for anyone.
- Thou SHALL tell your mortgage broker everything.
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 #10!), let your Loan Officer know about it right away. Let 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 the pieces after the fact.