01/08/2022
Before you make any large purchases, move your money around, or make any major life changes, be sure to consult someone who’s qualified to explain how your financial decisions may impact your home loan.
Hrere is a list of things you shouldn’t do after applying for a mortgage: 👇
1. Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender: Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer. 💵
2. Don’t Make Any Large Purchases Like a New Car or Furniture for Your Home: New debt comes with new monthly obligations. New obligations create new qualifications, and qualified borrowers may end up no longer qualifying for their mortgage.📝
3. Don’t Co-Sign Other Loans for Anyone: When you co-sign, you’re obligated. 🖋 With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.
4. Don’t Change Bank Accounts: Lenders need to source and track your assets. Before you transfer any money, speak with your loan officer.📱
5. Don’t Apply for New Credit: When you have your credit report run by organizations in multiple financial channels, your FICO® score will be impacted. Lower credit scores can determine your interest rate and possibly even your eligibility for approval. 🤝
6. Don’t Close Any Credit Accounts: This has a negative impact on both of those determinants of your score. A major component of your score is your length and depth of credit history and your total usage of credit as a percentage of available credit. ✍
The best plan is to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature. Let the experts help you. Contact us now! 📞