Our team wants your transaction to be a SUCCESS! We have a few pointers to keep you on track no matter who your lender may be. 1. Don’t Deposit Cash into Your Bank Accounts
Mortgage Process DOs & DON'Ts
Dated: January 14 2021
Our team wants your transaction to be a SUCCESS! We have a few pointers to keep you on track no matter who your lender may be.
1. Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender. Lenders need to source your money, and cash is not easily traceable.
2. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home. New debt comes with new monthly obligations. New obligations create new qualifications.
3. Don’t Co-Sign Other Loans for Anyone. When you co-sign, you’re obligated. With that obligation comes higher ratios as well.
4. Don’t Change Bank Accounts. Remember, lenders need to source and track your assets.
5. Don’t Apply for New Credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be impacted.
6. Don’t Close Any Credit Accounts. Many buyers believe having less available credit makes them less risky & more likely to be approved. Wrong. A major component of your score is your length & depth of credit history & your total usage of credit as a percentage of available credit.
If you have any questions about this process, reach out to us and we can connect you with any of our lender partners. A smooth transaction is the goal! Let's do this!
Wendy Weeden is a highly sought out, multi-state Realtor for EXIT Realty and holds awards for production and sales as a Multi-Million Dollar Producer. Wendy holds a license in SC as team leader and L....