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What to Avoid When Purchasing a Home

The following is a list of rules to adhere to before and during the process of applying for a real estate loan:

1.DO NOT CHANGE JOBS

Changing jobs, becoming self-employed or quitting your job before or during the loan processes will create a real problem in qualifying you for the loan.

2. DO NOT SWITCH BANKS OR MOVE YOUR MONEY AROUND

3.DO NOT PAY OFF BILLS

Your loan officer will advise you if it is necessary to pay off bills tohelp you qualify for a loan, and what the best way to pay off any bills would be.

4. DO NOT MAKE ANY MAJOR PURCHASES

This includes a new car, furniture or other major purchase.

5. DO NOT USE CREDIT CARDS EXCESSIVELY OR LET YOUR ACCOUNTS FALL BEHIND

6. DO NOT SPEND MONEY YOU HAVE SET ASIDE FOR CLOSING

7. DO NOT ORIGINATE ANY INQUIRIES INTO YOUR CREDIT

8. DO NOT MAKE LARGE DEPOSITS WITHOUT FIRST CHECKING WITH YOUR LOAN OFFICER

9. DO NOT CO-SIGN A LOAN FOR ANYONE

10. DO NOT OMIT DEBTS OR LIABITIES FROM YOUR LOAN APPLICATION

If you must do any of these things contact your loan officer. They can help you by re-qualifying you if necessary and advising you of your options. By avoiding these pitfalls you can look forward to a successful loan closing and living in your new home!