5 THINGS TO AVOID After Applying for your MORTGAGE!

A loan application is like a snapshot of your financial life, and much like with a photo, results are best when nothing is moving!

1. DON’T APPLY FOR NEW CREDIT

You could lose 10 points from your credit score for one hard inquiry!

2. DON’T CREATE “RED FLAGS”

The less activity on your reports during the loan process the better. Even something as harmless as paying down a large credit card balance or changing your normal pattern of credit card usage can raise red flags!

3. DON’T MISS A SINGLE PAYMENT

Keep current on your mortgage, auto loans, credit cards and other payments. A single past due payment can drop your credit score from 90 to 100 points!

4. DON’T SWITCH BANK ACCOUNTS 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.

5. DON’T TRANSFER RETIREMENT ACCOUNT FUNDS

Do not transfer any funds from your retirement accounts until we talk. Find out in advance how long it will take to process your withdrawal. It might be to your advantage to have these accounts paid directly to your escrow/title company.

WE WORK WITH YOU EVERY STEP OF THE WAY!

Remember, your credit may be re-pulled prior to closing. Our best advice is to avoid any major purchases or changes in your financial activity that may impact on your credit report until after your new loan is closed!