Whether large purchases are made with cash or credit, any noticeable change to one’s financial status can have a major impact on pending loans. That is why my ‘Word to the Wise’ today calls for you to join my mortgage lender in educating buyers before they find themselves in a pickle.  Get to know the following 10 Commandments, and you will always know how to advise your clients when financial matters are discussed.

 

  1. Thou shall not change jobs or become self-employed
  2. Thou shall not buy a car, truck or van unless you plan to live in it
  3. Thou shall not use your credit cards or let your payments fall behind
  4. Thou shall not spend the money you have saved for your down payment
  5. Thou shall not buy furniture before you buy your house
  6. Thou shall not originate any new inquiries on your credit report
  7. Thou shall not make any large deposits into your bank account
  8. Thou shall not change bank accounts
  9. Thou shall not co-sign for anyone
  10. Thou shall not purchase anything until (way) after the closing.