10 Commandments when Applying for a Home Loan in California
1. Thou shall not change jobs or become self-employed (The previous 2 years prior to applying is best to be stable at the same job)
2. Thou shall not buy a car, truck or van until “after” you close on your CA home loan (lest you may be living in it)
3. Thou shall not use your Credit Cards excessively or let payments fall behind (I know it’s the California lifestyle, but when getting a home Loan, the only plastic surgery you should consider is to have your credit cards removed.)
4. Thou shall not spend the money you had set aside for closing (No side trips to Vegas :-))
5. Thou shall not omit debts and liabilities from loan application
6. Thou shall not buy furniture before you buy your house ( However, selling your current furniture and putting your proceeds towards other commandments is OK)
7. Thou shall not apply for new credit during home loan process (New Credit/ Debt during the 30 days of the Loan Process is BAD – Pay off old debt/ credit GOOD – That extra 10% off at Target for applying for a new Credit Card is NOT worth the headache it will cause during the home loan process!)
8. Thou shall not co sign for anyone while doing your CA Home loan (Common sense here… and it goes without saying.. simple enough… Their debts = your debts.)
9. Thou shall not change bank accounts during loan closing process
10. Thou shall not make any large or unusual deposits into your bank account (anything larger than $500 requires a trail =sourcing where the funds came from)
Joking aside…If you have ANY questions or special circumstances regarding getting a home loan, just give me call/text or send me an email…
I’ve been helping clients close on their California home loans since 1997, so I’ve seen many situations and can help you work through most issues.
Call Jackie with any questions 949 600-0944 email : [email protected]
Jackie Barikhan is a Nationally Licensed Mortgage Advisor NMLS#914312
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