THE 10 COMMANDMENTS

of home finance!

Don't Worry, these commandments can often be broken, just check with us first to make sure it does not create any unnecessary obstacles to your loan approval

Thou shalt not change jobs, become self-employed or quite your job!


Your approval status is largely based on your current employment. Changing to a new line of work or becoming self employed could jeapordize your qualification so always check with us first before taking any of these actions. Questions? Call us




Thou shalt not buy a car, truck or van! (or you may be living in it)


Your debt ratio is one of the most important factors regarding approval. Before making any major purchases give us a call so we can make sure it won't push your ratios outside the allowable threshold. Questions? Call us




Thou shalt not use charge cards excessively or let your accounts fall behind!


This can not only affect debt ratios but also your overall credit score. A lower credit score could cause a higher loan level pricing adjustment and higher rate or worse case nullify your approval so use credit on a limited basis. Questions? Call us




Thou shalt not spend money you have set aside for closing!


We must verify your funds to close to ensure they meet all of the requirements for use. Using money set aside could jeapordize your ability to close until funds have been re-sourced and approved. Questions? Call us




Thou shalt not omit debts or liabilities from your loan application


It's a digital world so any debts or liabilities eventually show up through credit or other reports that are run on your behalf. It is always better to plan for those debts in the beginning to make sure everything is in good shape. Questions? Call us




Though shalt not buy furniture or appliances! (even if it's no payments for 100 years)


Home-buyers often think, no payment, no problem. However we must assign a minimum payment to any debt which affects your ratios. And these types of loans can often affect credit scores more than other credit line types. Questions? Call us




Thou shalt not create any inquiries on your credit profile!


An extra credit inquiry won't always make a difference but in some circumstances it may. It's a good policy to avoid new credit lines throughout the home buying process but if you must, check with us to make sure it won't be an issue. Questions? Call us




Thou shalt not make large deposits or move money between accounts!


We are required to source any funds needed for your new home. When you make large deposits or move money around, we will be required to obtain the paper trail of those funds in order to be able to use it for closing. Questions? Call us




Thou shalt not change or close any bank accounts!


Check with us before closing a bank account. If the account you have closed is where we have sourced funds for closing or reserves, we'll have to re-underwrite the file using the new account information to make sure it works. Questions? Call us




Thou shalt not co-sign for a loan for anyone!


Even though you are only co-signing, as a responsible party to the new loan we must count this new debt towards your debt ratios and obtain new credit scores to ensure the new debt did not cause your scores to decline. Questions? Call us





Tristan Sherrill NMLS 299820

Thrive Mortgage LLC   NMLS #286020

5601 Granite Parkway, Suite 550, Plano Tx 75024