IN THIS LESSON

Overview

These are the unwritten rules that protect your loan approval from start to finish. Breaking them can delay or kill your loan.

The 10 Commandments

  1. Don’t open new credit cards or loans.

  2. Don’t finance big purchases (cars, furniture, appliances).

  3. Don’t make large unexplained cash deposits.

  4. Don’t change jobs or reduce your income without talking to your lender.

  5. Don’t miss or delay paying any bills.

  6. Don’t co-sign loans for anyone.

  7. Don’t move money between accounts without documentation.

  8. Don’t pay off collections or debts unless your lender advises.

  9. Don’t apply for new credit offers.

  10. Do keep saving and keep finances stable until after closing.

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