Market Monday: Top 10 Rules When Applying for a Real Estate Loan.

In today’s fast moving market, attaching a pre-qualification or pre-approval with the offer can be the difference between getting an offer accepted, and missing out on your opportunity. For this reason, Parcel Real Estate team will recommend that a buyer get pre-approved for a mortgage before beginning their home search. Knowing exactly how much you can comfortably spend on a home reduces the potential frustration of looking at homes beyond your means.

Below are our Top 10 Rules [for you] when applying for a real estate loan:

Thou shall not change job, become self-employed or quit your job.

Thou shall not buy a car, truck or van (or you may be living in it!).

Thou shall not use charge cards excessively or let your accounts fall behind.

Thou shall not spend money you have set aside for closing.

Thou shall not omit debts or liabilities for your loan application.

Thou shall not buy furniture or make big purchases for your new home.

Thou shall not originate any inquiries into your credit.

Thou shall not make large deposits without first checking with your loan officer.

Thou shall not change bank accounts.

Thou shall not co-sign a loan for anyone.