Here are some tips I like to suggest to all my clients who are purchasing a home. The ones I see people stumble on most are #2 and #4. #2 because people feel that it helps your credit too buy a car, but it only creates a debt which is not a good thing when you are applying for a mortgage. #4 because people get excited and start buying furniture for their new home. It is best to just sit still and wait for the loan process to finish, then once you close on your home you can purchase all that your bank account allows.
1) Thou shall NOT change jobs, become self-employed or quit your job.
2) Thou shall NOT buy a car, truck, or van.
3) Thou shall NOT use credit cards excessively, or pay late on accounts.
4) Thou shall NOT buy furniture.
5) Thou shall NOT change bank accounts.
6) Thou shall NOT Co-sign for a loan for ANYONE.
7) Thou shall NOT make large cash deposits with out checking with the loan officer.
8) Thou shall NOT omit debts and liabilities from your loan application.
9) Thou shall NOT spend monies set aside for closing.
10) Thou shall NOT originate any inquires into you credit.
11) Thou shall LISTEN to your agent and loan officer, they are there to help you.