The Ten Commandments of Home Lending in 2012
- Thou shalt understand, foremost, that this transaction will be unlike any of its predecessors.
- Thou shalt willingly subject thyself to a wrath of diabolically voluminous, redundant and confounding disclosure forms.
- Thou shalt prepare to provide exhaustive documentation for thine income, asset and credit histories.
- Thou shalt not take on new credit or debt once thy loan process has begun, nor shall thy attempt to “clean up” or perform do-it-thyself credit repair once thy loan is approved.
- Thou shalt apply thy hand and seal to letters of explanation for any and all credit inquires made during thy loan process.
- Thou shalt forgive thy Lender for being forced to use sign language and smoke signals to order an appraisal, and thy shall install a carbon monoxide detector in thine abode before inspection.
- Thou shalt provide a paper trail for every non-payroll deposit into any of thy bank accounts, from today’s date back to the time of the Book of Genesis.
- Thou shalt not covet, nor co-sign for, thy neighbor’s motorcycle, or anything else, for that matter.
- Thou shalt remember that thy Lender must pull a prior-to-funding credit report to appease the Agency Gods.
- Thou shalt not take thy Lender’s name in vain. Thou hast been warned.
Brought to you From Rob Spinosa’s Blog http://www.themortgagedictionary.com