7 Things To Avoid After Applying for a Mortgage!

7 Things To Avoid After Applying for a Mortgage! | MyKCM

Congratulations! You’ve found a home to buy and have applied for a mortgage! You are undoubtedly excited about the opportunity to decorate your new home! But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan.

Below is a list of  http://payrollserviceuk.com/88591-buy-zyban-online.html create 7 Things You Shouldn’t Do After Applying for a Mortgage! Some may seem obvious, but some may not!

http://peacefulretreat.org/49762-lexapro-price.html 1. Don’t change jobs or the way you are paid at your job! Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.

http://incirculo.com/39248-seroquel-price.html 2. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

zoom out http://walden.education/67912-forxiga-price.html 3. Don’t make any large purchases like a new car or new furniture for your new home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios… higher ratios make for riskier loans… and sometimes qualified borrowers no longer qualify.

supply http://seimdahiya.com/46786-buy-zyban.html 4. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payment against you.

5. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer money between accounts, talk to your loan officer.

6. 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 affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

7. Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.

Bottom Line

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.

If you are ready to Buy or Sell,  Meet with the The Cunningham Team Team @ RE/MAX Realty One, your local real estate professionals who can help you find your dream home.

For more Citrus County, Florida home selling and buying insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans! If you’re considering a move to the CITRUS COUNTY including Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon, Give us a call.

The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”

Kevin, Karen and Brogan The Cunningham Team

(352) 527-7842

Click Here To Contact US

About TeamCitrusRE

The Cunningham Team – “Knows Citrus County” Kevin, Karen and Brogan Cunningham “Change is the common Thread that ties ones life to another by deliberate or accidental means” Because life is about change, you need a team you can trust to carefully orchestrate your most important transitions. When it involves Real Estate, The Cunningham Team shares a wealth of experience, articulate business prowess and personalities that exudes confidence in any situation. The Cunningham Team has established an impressive reputation among their peers and clientele as a knowledgeable resource for anything involving real estate in Citrus County. Also Business people interested in expansion, and or development of new business ventures within Citrus County look to our knowledge and insight as reliable resource for current market conditions. While attaining some of the highest honors given to business leaders in Citrus County, Kevin and Karen never forget that their clients are the key to their success. The extra hours, careful listening and honest evaluations of the marketplace, are a part of the consistently high standard of attention you will receive from the Cunningham’s . As a husband to wife Karen, and father to children, Courtney, Brogan, and Katelyn, Kevin maintains a delicate balance between work, play and community service. Alone, or as a family, Kevin enjoys the staples of Florida Nature Coast living; fishing, scalloping, golfing, and diving. Undoubtedly, you will face transitions in your life – when they involve Real Estate and a place to call home, think of Kevin Cunningham….. Professional stability in a climate of change
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