? Want to keep your mortgage application from sinking like the Titanic? These BIG MISTAKES will have your lender making an ? call!
Your mortgage loan is contingent on your financial portfolio and your credit rating. Any changes to this information can jeopardize your underwriting approval. Stay away from these situations:
? Avoid depositing any amount of cash. Cash deposits have to be verified and this can be a challenge you want to avoid. Talk to your lender before depositing cash into your bank account.
? No major purchases! Not a car, not that Birkin bag Santa didnt bring, and not even new furniture! This can throw off your available assets and debt-to-income ratio. Wait until after you close to have that shopping spree!
? Dont cosign a loan, apply for a credit card, or take on any new debts. These actions can lower your credit score, change your debt-to-income ratio, and can hinder your mortgage approval status.
? Dont open new bank accounts! Keep everything stable in your financial portfolio. Your assets need to be tracked and verified. Consistency is the key to demonstrating your financial stability.
? Avoid closing credit ? accounts. Did you know closing an account that youve paid off can actually lower your score? Keep them open, even with zero balances.
Any changes to your finances can be problematic ? during the mortgage loan origination process. Be mindful of your spending and dont make changes to your assets, income, credit, or employment status without first discussing it with your lender.
Have more questions about getting a mortgage for your next home? Fire away!
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