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MelissaStutes

Credit DON'TS While In The Mortgage Process!!!

Thursday, November 13, 2014 - Article by: MelissaStutes - Kama'aina Mortgage Group Inc. - NMLS# 1276471 - Message

DON'T...

  • Don't make changes to your employment or your income. Proof of employment stability is very important!! Even jobs within the same company can be a RED FLAG when applying for a Mortgage. Changing hours and/or commission structure can also be an issue!!!
  • Don't miss payments on credit cards, mortgage or rent.
  • Don't over-charge on existing credit or accounts.
  • Don't close accounts. Doing so can change your credit scores. It also can disrupt your active and beneficial traceable credit history.
  • Don't allow too many inquiries into your credit (exception: while in the act of searching for a Mortgage, multiple inquiries within a short period do not affect your credit score).
  • Don't apply for NEW credit of any kind. That includes for furniture, appliances, cars, new leases...ANYTHING. Wait until after your Loan Closing!!! If it is a must-have item, please consult your Mortgage Lender FIRST.
  • Don't co-sign on another's loan or credit. Mortgage Lenders consider this your obligation, even if you report you are not the primary responsible payee.
  • Don't change banking institutions. Mortgage Lenders need to track and verify monies/assets. Changing banks makes it more difficult.
  • Don't make large deposits into bank accounts without a paper trail that clearly explains where those funds came from.
  • Don't make adjustments or changes in your asset or investment accounts
  • Don't accept a cash "gift" without proper "gift" paperwork.
  • Don't have anyone NOT involved in the actual Mortgage write or submit the Earnest Money check, without consulting with your Mortgage Lender First.
  • Don't ignore requests...or delay your responses to your Mortgage Lender. Doing so can potentially delay your Mortgage Closing!!!
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