What NOT TO DO AFTER Applying For Your Mortgage!
By myfirstcho6600809, Aug 27 2019 08:08PM
A loan application is like a snapshot of your financial life and - just like a photo results are best when nothing is moving! Let our proven track record of success and effective mortgage strategies go to work for you.
DON’T APPLY FOR NEW CREDIT
You could lose up to 50 points from your credit score for one hard inquiry! Even if you get a “preapproved” credit card solicitation in the mail, when your credit is pulled by a potential creditor or lender, your credit score immediately drops.
DON’T CREATE RED FLAGS
The less activity on your reports during the loan process, the better! Even something seemingly as harmless as paying down a large credit card balance, changing your normal pattern of credit card usage, adding new accounts, or even making a name or address change on your accounts can raise red flags!
DON’T PAY OFF COLLECTIONS OR CHARGE-OFF
Without consulting us first! Sometimes it’s best to pay off your accounts through escrow. Due to last recorded date of activity, if you pay your collections during the loan process, your credit score may decrease.
DON’T MISS A SINGLE PAYMENT!
Keep current on your mortgage, auto loans and credit card payments. A single 30-day late payment can drop your credit score by 75 points or more!
DON’T SWITCH BANK ACCOUNT FUNDS!
Do not switch money (funds) from one bank account to another. Avoid making cash deposits unless you can prove where those funds came from. Verification of every deposit, whether it is a paycheck, check from parents or the sale of any item may be required. Be sure to make a copy of the check and deposit receipt.
WE WILL WORK WITH YOU EVERY STEP OF THE WAY!
Remember, your credit will be re-pulled prior to closing. Our best advise is to avoid any major purchases or changes in your financial activity that will impact your credit report – until after your new loan is closed!
And be ready to provide a clear paper trail of your documentation. Never cross out or alter anything on a document. To avoid delays, include every part of the document.
Schedule Your Complimentary Loan Consultation Today!