When you’re buying a home in the mountains of Western North Carolina, you may be purchasing it using a home loan. 60-70% of buyers here use a loan as a way to secure their home.
Need an amazing lender to buy your home? Check out our Gotta Guy List of Recommended Mortgage Brokers
I came across 10 Commandments to guide you from the time you secure your loan all the way to closing day. I wanted to share these because they’re true and we see these mistakes often. Here they are:
- Thou Shalt NOT make CASH deposits without first talking to your loan officer. If your payroll is not direct deposit, deposit entire check, then make a withdrawal. Any deposits not documented will be deleted from your available cash to close.
- Thou Shalt NOT change employment, become self-employed, or quit your existing job.
- Thou Shalt NOT buy a car, truck or van. If you do, you might have to live in it!
- Thou Shalt NOT use charge cards excessively or let your account fall behind on payments.
- Thou Shalt NOT spend money you have saved or allocated to closing.
- Thou Shalt NOT omit debts or liabilities on your mortgage loan application.
- Thou Shalt NOT buy furniture on credit.
- Thou Shalt NOT originate any new inquiries on your credit.
- Thou Shalt NOT change bank accounts.
- Thou Shalt NOT co-sign a loan for ANYONE.
Use these as a guide and your opportunity to buy your home greatly increases! We’ve literally seen people not be able to buy their house because they violated one of the above commandments during closing.