Financial Tip Of The Month

Ten Commandments For Mortgage Application

By: VBS Mortgage

You just found the home of your dreams, figured out you could save over a hundred dollars a month on your mortgage because of today’s low rates, or discovered that a REVERSE mortgage could change your life and budget for the better… and now it is time to call us at VBS Mortgage and apply for your new home loan!  But wait… before you get all excited and go out to start purchasing furniture for that new home or upgrading your car because of the monthly money you will be saving, review these basic “10 Commandments When Applying for a Mortgage Loan.”

1.     Thou shall not change jobs or become self-employed. (Put that dream job on hold until after your loan is complete!)

2.     Thou shall not buy a car, truck, or van unless you plan to live in it.

3.     Thou shall not use your credit cards or let your payments fall behind.

4.     Thou shall not spend the money you have saved for a down payment.

5.     Thou shall not buy furniture before you buy your house. (And have closed the loan!!!)

6.     Thou shall not originate any new inquiries on your credit report.

7.     Thou shall not make any large deposits into your bank accounts.

8.     Thou shall not change bank accounts.

9.     Thou shall not cosign for anyone.  (Junior will have to wait on that new car!)

10.  Thou shall not purchase anything until after closing.  (Groceries and basic needs are allowable!)

VBS Mortgage is an affiliate of Farmers & Merchants Bank, and they provide a wide range of mortgage products from their Harrisonburg offices. Their mortgage advisors meet with customers in our bank branches, too, for your convenience.

You can learn more about their services at their website:



205 S. Main St.     P.O. Box 1111     Timberville, VA 22853     (540) 896-8941