Your lender checks your credit at pre-approval and again before you close escrow, so please do not torpedo the efforts of your Lender & REALTOR®!!! When you're about to finance buying a house or even refinancing, there's a lot of "Don'ts" to be aware of.
I've learned some of these the hard way and between these hard lessons learned and constantly being educated by my buddy and #1 Lender Jason E. Gordon,
of Amerifirst Financial, I've learned to warn my clients about the following rules:
- Don't buy or lease a new car at all, until after you close escrow.
- Don't open new credit cards or new lines of credit at department stores.
- Don't start buying furniture or appliances for you new house.
- Don't cosign on any debt with anyone (including student loans).
- Don't quit your job, but more importantly, if you do change jobs, do not change industries - you need a two year work history in the same industry.
- Don't switch from a salaried or w-2 job to a commissioned job.
- Don't start a gambling habit and running up existing credit card balances after the Lender has initially pulled credit can also be a bad idea.
- Don't forget to keep your bills, child support and tax payments current.
- Do not co-mingle personal and corporate income if you own an
incorporated business. Bonuses must be done through payroll by the way.
- Don't transfer large sums of money between bank accounts without
a paper trail.
- Don't make random deposits into your bank account without
a paper trail - or it could require seasoning before it counts as income e.g. #12.
- Don't accept financial gifts without a paper trail to show the source.
I have had the majority of these seemingly innocent transactions at one point or the or other, either sink my deal, delay my deal or at the very least create a major panic for all involved. Keep your eye and credit focused on the prize; closing escrow first!
For a better explanation or for any questions,
please contact myself or my #1 lender:
Branch Manager | Sr. Mortgage Loan Officer | NMLS 259027
AmeriFirst Financial, Inc. | NMLS 145368
11440 W. Bernardo Court, Suite 300, San Diego, CA 92127
Mobile: 619.200.8031 | Office: 858.461.7007 | Desk: 858-564-8229
firstname.lastname@example.org | www.GordonMortgage.com
Electronic Business Card: www.VIPBorrower.com
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