Mortgage and Lending with Universal American Mortgage Company NMLS 46083

Do NotThere are 10 things you should not do after you have applied for a mortgage.  There are a lot of blogs and articles on what to do or not to do before you apply for a mortgage, but it is rarely addressed how a borrower’s action after applying for a mortgage can affect the outcome of the closing.  The 10 things you should not do are listed below:

1.      Don’t open new credit accounts.  Yes you may need a new washer, dryer and/or refrigerator for your new home but that new debt may hurt you if you have a border line approval.


2.      Don’t charge a lot on your existing credit cards.  If the monthly amount increases greatly, your debt to income ratio may be too high if you have a border line approval.


3.      Don’t have your credit pulled.  Your credit will be rechecked just before closing and you will be required to answer in writing any new credit inquires.  This may lower your FICO score or delay your closing while this new condition clears underwriting.


4.      Don’t change jobs or quit your job.  Your employment will be re-verified just before closing.


5.      Don’t transfer money around in your accounts unless you can fully document where the money came from.


6.      Don’t deposit cash or other non-payroll direct deposits unless you can fully document it.


7.      Don’t bring any money that is required at closing unless it is from an account that has been verified and documented


8.      Don’t dispute any items on your credit report.  Any disputes that shows up on the credit re-pull just before closing will have to be settled before you can close.


9.      Don’t make any late payments.  Pay all bills on time.


10.  Don’t pay off or cancel any accounts you may have, this can lower your credit score.


Who Can You Call For Your Mortgage Needs in North Carolina?

Call Shay Campbell a licensed Loan Officer, NMLS# 46083, located in the Triangle area of NC, which includes Raleigh, Cary, Durham, Chapel Hill, Apex, Holly Springs, RTP and the counties of Wake, Durham, Johnston, Chatham and Orange.  Shay has over 12 years of originating experience in North Carolina and can assist you with FHA, VA, USDA, NCHFA and conventional loans.  He has a special interest in working with first time home buyers.  Shay can be contacted at 919-624-8614, shay@shaycampbellmortgage.com  or visit his website at shaycampbellmortgage.com

Comments (3)

Karen Hawkins, MBA - Langley & Surrey, BC
Royal Pro Real Estate Network - Langley, BC

Great advice, Shay - so often folks aren't counseled on the need to keep their credit in the same situation as it was assessed for the loan approval.  Suggested!

Apr 25, 2012 02:31 AM
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

I remember loans in the past. You kind of feel like you are being held hostage for a while until the loan is completed.

Thanks Shay for the tips.

Apr 25, 2012 02:32 AM
Dr. Stacey-Ann Baugh
Century 21 New Millennium - Upper Marlboro, MD
A doctor who makes house calls.

Great information for borrowers.  I am going to reblog this.

Apr 25, 2012 11:40 AM