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Buying a home is the largest purchase most of us will ever encounter. Yet a small percentage of people sometimes take less time considering it than they do when buying an online item. The reason is, it’s a unique territory to many, we don’t know what to ask and we are aided by many professionals unlike when we buy items online. We want to let you in on our ten commandments after subject removal.

We also may take things for granted, rely on others too much, and sometimes this leads to buyers’ remorse. So let us help you arm yourself with our 10 commandments after subject removal so that you don’t lose your new home before you even move in.

Regardless if you are pre-approved for a mortgage or are negotiating a home purchase with an approved mortgage, the rules below apply. The rules are especially important after you have removed your subjects on your purchase contract and put up your deposit to hold your home, if you make one bad move here you could lose your deposit which can be $10,000 to $100,000 and be subject to lawsuits.

Our Ten Commandments

  1. Thou shall not buy a new car, no matter what, or you may be living in it! Buying a car will impact your debt ratios and you could be declined!

  2. Thou shall not co-sign loans for anyone or anything. Co-signing will impact your debt ratios and you could be declined.

  3. Thou shall not quit or change your job as income from a new job can’t be used for a mortgage application. Quitting will impact your debt ratios and you could be declined.

  4. Thou shall not use Credit Cards or Line Of Credits for big purchases as this will impact your debt ratios and you could be declined.

  5. Thou shall not spend your down payment savings or closing costs savings verified by your mortgage company. They will decline you if they recheck.

  6. …Did I mention don’t quit your job?? That’s a big one. I’ve seen it twice in 15 years and yes the lenders check up to 10 days before closing. They frown upon this.

  7. Thou shall not apply for new credit of any type. Lines of credit for renovations or furniture purchases will impact your debt ratios and you could be declined.

  8. Thou shall not make large deposits into your savings and chequing accounts. All deposits must now be verified and this takes time and could result in long delays at closing.

  9. Thou shall not allow any mortgage application to be processed with missing debts or non-disclosed support payments, they will be found eventually and usually too late. This is your responsibility ultimately – your bank and mortgage brokers can’t read minds and don’t always see all debts upfront.

  10. Thou shall not miss a payment or a cell phone bill. Any missed payments may lower your score and cause the lender to pull their approval.

We hope this list was helpful! If you are looking for a mortgage in Chilliwack or Abbotsford we have offices and mortgage brokers standing by!



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