10 Commandments of Real Estate

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10 Commandments of Real Estate
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• If youre considering purchasing a home, its
  likely youve already taken a good hard look at
  your credit history. Its important that you do
  so because a loan officer is going to look at
  your history and your credit score to determine
  not only your financial worthiness when it comes
  to buying a home, but also how much money you
  should be able to borrow for your new home.
• If you are working with a lender or a real estate
  agent, they will tell you things that you can do
  to better your credit and things you should do
  during the lending process so you dont kill your
  chances of a new home loan.
• When it comes to preparing for a home loan there
  are 10 commandments that you need to follow to
  ensure that you get the best loan to purchase
  your future home.

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• 1. Keep your job! Do not change jobs, do not
  become self-employed, and certainly avoid
  quitting your job. You need to have a good
  employment history of at least 2 years and
  sometimes more if youre self-employed.
• 2. Do not buy a car or truck. This is considered
  a major purchase and should definitely be avoided
  until youve closed on your mortgage.

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• 3. Pay attention to your credit. Dont charge any
  big purchases and dont spend too frequently.
  Also make sure that all of your credit cards are
  paid on time.
• 4. Make sure that you have money set aside for
  the closing of your future home and that you
  dont touch that money until its time to close.

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• 5. Make sure that you list all of your debts on
  your loan application. Leaving something out that
  the lender finds out about later will make it
  harder for you to get a loan.
• 6. Do not change bank accounts. It looks better
  if you keep things stable and that includes
  things like keeping the same job and using the
  same bank account.

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• 7. Do not buy things like furniture or appliances
  and if you do, do not buy them with credit.
• 8. Do not originate inquiries into your credit.
  This means you should avoid applying for new
  credit or for additional money from your
  creditors.

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• 9. Avoid making large or out of the ordinary
  deposits into your bank account without the
  approval of your loan officer. Usually, this
  wont be a big problem when youre going to
  purchase a new home, but youre better off
  checking with your loan officer before taking it
  for granted and depositing a large amount.
• 10. One of the most important rules on this list
  is to never co-sign for a loan for anyone. You
  should never co-sign unless youre willing to bet
  your good credit on someone else. Even if youre
  comfortable doing that, you should definitely
  avoid co-signing when your attempting to get a
  home loan. You need to build the best credit
  score possible, and you cant do that when youre
  signing for someone elses loan.

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• Preparing to buy a home doesnt have to be a
  difficult process. As long as you ensure that you
  follow these 10 commandments, you will be well on
  your way to owning your new home.

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• 703-928-6514
•  
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