Top 10 DONT'S When Applying for a Mortgage

  1. DON'T change jobs or become self-employed

  2. DON'T buy a car, truck or van unless you plan to live in it
  3. DON'T use credit cards or let your payments fall behind
  4. DON'T spend the money saved for your down payment
  5. DON'T buy furniture before you buy your house
  6. DON'T originate any new inquiries on your credit report
  7. DON'T make any large deposits into your bank account
  8. DON'T change bank accounts
  9. DON'T co-sign for anyone
  10. DON'T purchase ANYTHING until after closing!

Doing any of these could adversely affect your ability to buy your home.  There's nothing worse than getting to the closing table ready to sign the paperwork and then the lender says you no longer qualify for a mortgage.  You see, the lender will probably review your credit a couple of days before closing just to make sure you still qualify.  So, even though you may need new furniture, or your car breaks down, wait until after you sign the paperwork to do those things. 

Bottom Line Is This...

Once you decide to buy a home and have been pre-approved for a mortgage, just don't spend any money or obligate yourself to any payments. 

If you have additional questions or want clarification on any of these DON'TS, just give me a call at 615-337-3989 and we can discuss it.  If you're looking for a high octane Realtor to help you find your next home, I'd be happy to help.