When you’re in the process of applying for a home loan, or if you think you’ll begin the process in the near future, there are some things you should avoid doing to prevent any impacts to your credit. Here they are:
- Thou SHALT NOT change jobs, become self-employed or quit your job.
- Thou SHALT NOT buy a car, truck or van (or you may be living in it)!
- Thou SHALT NOT use charge cards excessively or let your accounts fall behind.
- Thou SHALT NOT spend money you have set aside for closing.
- Thou SHALT NOT omit debts or liabilities from your loan application.
- Thou SHALT NOT buy furniture.
- Thou SHALT NOT originate any inquiries into your credit.
- Thou SHALT NOT make large deposits without first checking with your loan officer.
- Thou SHALT NOT change bank accounts.
- Thou SHALT NOT co-sign a loan for anyone.
** NOTE: These are general recommendations, not meant to take the place of guidance from a financial professional. Please consult your Lender and financial professional for any questions or additional recommendations **
