THE TEN COMMANDMENTS OF CREDIT

Rates are GREAT and there is money to lend

BUT, beware—your credit score plays a key role in securing a great rate…so make sure you protect it before and throughout the entire lending process

WHEN APPLYING FOR A MORTGAGE

1.  Thou shalt NOT change jobs, become self employed or quit your job;
2.  Thou shalt NOT buy or lease a car, truck or van;
3.  Thou shalt NOT use credit cards excessively or let current 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 by furniture or appliances;
7.  Thou shalt NOT originate ANY inquiries into your credit;
8.  Thou shalt NOT make large deposits without checking with your loan officer;
9.  Thou shalt NOT change bank accounts or overdraw you checking account;
10.   Thou shalt NOT co-sign a loan for anyone.

As of June 1, 2010, Fannie Mae and Freddie Mac require lenders to pull a final credit report at closing on ALL new mortgage loan applications.  If your credit scored have lowered or if new debt has occurred, the closing could be stopped in its tracks.  Buyers, please be forewarned of this change so that you won’t have any surprises at closing and don’t jeopardize one of the most important purchases you will likely ever make.

I must give credit to Janelle Carver, Senior VP of Cornerstone Mortgage who drafted the Ten Commandments of Credit after experiencing a close call with a client’s loan.

EXPERIENCE COUNTS!  So don’t trust you home buying experience and mortgage to just anyone………both Janelle and myself look forward to working with you throughout the process of selecting and financing your perfect dream home. Please contact us with any questions you may have.