6 things you don’t want to do after you apply for a mortgage
One of my Buyers agents had emailed this and I thought I would share it with the folks in Pensacola, Pace and Gulf Breeze. When applying for a mortgage even before applying we all need to be careful of the things we do. I also do credit repair and it amazes me that how little the average person knows about credit and the effects it has on ones life. If you live in Pensacola, Pace and Gulf Breeze and would like a free consultation cal me. I will show you how to clean your credit yourself or I will do it for you for a nonimal fee in hope that you will refer folks to me to buy or sell a home.
Charles Stallions, CRS, CSP, CBR, CDPS, SREE, EREI - 800-309-3414
Charles is a Real Estate Investor of 25 years, a Real Estate Broker for 15 years while holding several degrees in management, an expert in the buying and selling of real estate. Whether you’re buying your first home, second home, vacation home, investing in rentals, a kiddie condo for college or your dream home, buying any home is an investment in the future and you owe it to yourself to have Charles’s expertise to buy right and make the right decisions for YOU. For over the phone evaluation and NO Obligation CALL NOW! you have OPTIONS, we have FACTS, let’s TALK
6 things you don’t want to do after you apply for a mortgage
Has anyone heard the saying “common sense is NOT common practice?” During the time when you are buying your home, this is definitely when some people tend to do some non-commonsensical things!
Here are a few things that could be deal breakers for buying a home:
- Don’t make large purchases. When you are buying a home you are going to be bringing in new debt. However, after applying for a home don’t go out and buy a new car or furniture, this could raise you debt ratio and make it riskier for the loan company to lend to you. Sometimes after doing this, the previously qualified buyer is no longer able to qualify.
- Do Not Change your bank accounts. If you have had an account for a while it is easier foe lenders to track and source your assets. Before you even think to transfer money from one account to the other you should talk with you loan officer.
- Do not deposit cash into you bank account. Cash is not very traceable and lenders need to be able to source your income. Small deposits, which can be explained, are fine, but getting a large lump sum as a gift is not. Discuss the right way of tracking your assets with your loan officer.
- Don’t co-sign other loans for anyone. Once you have co-signed on a loan you are now obligated to that loan. With the obligation comes a higher ratio. Lenders will be counting the payment against you even if you tell them you won’t be.
- Don’t close any credit accounts. Many clients believe that by closing out credit accounts makes them less risky and that they will have a better chance of being approved for the loan. This is INCORRECT. The majority of your score is the length and depth of your credit history. Closing these accounts can have a negative impact on your credit score.
- Do not apply for new credit accounts.
- Anytime you have your credit run, whether its for a new car or a credit card, this will effect your FICO score.Your interest rate is based on your credit score. The lower the score the higher the rate or you may not be eligible for the loan.
When deciding to apply for a mortgage make sure you talk with your loan officer before you decide to do anything else financially. Any change in income, assets, or credit will need to be reviewed and all decisions will need to be made in a way to keep your application in the best light.
San Francisco Real Estate Professionals
1641 Laurel Street
San Carlos, CA 94070
Phone: (650) 434-2289
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