Ten Commandments When Applying for a Real Estate Mortgage
1) Thou shall not change jobs, become self employed or quit your job. Lenders like consistency. Changing jobs within your field shouldn’t be a problem.
2) Thou shall not buy a car , truck, van or boat,
Or you may be living in it
3) Thou shall not use charge cards excessively or let your accounts fall behind
4) Thou shall not spend money you have set aside for closing
5) Thou shall not forget to file your tax returns, all loans require 2 years tax returns these days, no matter your field of business
6) Thou shall not buy any big ticket items.
7) Thou Shall not originate any new inquiries into your credit or open any new credit lines.
8) Thou shall not make large deposits into your checking or savings accounts with out a legitimate paper trail, ask you loan officer first.
9) Thou shall not change banks or move money between bank accounts
10) Thou shall not co-sign with anyone on any other type of loan.
Nancy L. Grieve , Senior Mortgage Consultant, 770-309-3745
Wayne Teas, Loan Officer, 404-906-8010
anna k intown
Buyers are smart:
Q: I want to own something because it makes much more economic/tax sense, but I’m single and really like living in Midtown because I can walk to work and the park and restaurants and such. I know buying a single family detached house is the best bet from an economic perspective, but it just doesn’t suit my lifestyle right now. I have heard buying a condo in a high-rise building is a very bad decision because it will be very hard to sell and get your money out of it down the road. Do you agree with that? Would I at least be able to get out the money I put into it if I bought a condo and lived there 2 to 3 years. (more…)