Many times a buyer is so excited to start the process of buying a house and forgets to consider that, in order to succesfully close the loan, they need to safeguard their employment and financial background. Everytime we engage a new buyer we advise them to remember these ten commandments:

1.      Thou shalt not change jobs, become self-employed or quit your job.

2.      Thou shalt not buy a car, truck or van!

3.      Thou shalt not use charge 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.

9.      Thou shalt not change bank accounts.

10.  Thou shalt not co-sign a loan for anyone.

I just had a client who forgot about this and switched bank accounts during the loan process, and he had to scrumble at the last minute to provide some extra documentation to the underwriter.

If you have bought a house before you'd better not remember how easy the process used to be. Nowadays, lenders are very afraid that the loan will not perform as they have to buy it back if it defaults. Because of that they will look at every charge in your bank statements to look for any usual charges or deposits.

If you have more questions, please do not hesitate to Email me or contact me at 713-589-3234 for more information.

As a By Referral Only®, and C.N.E., C.D.P.E, REALTOR® , I am committed to providing such extraordinary service and expertise that you will gladly refer your friends, family and acquaintances. With your help I am able to build strong business relationships one person at a time.