I WOULD LIKE TO:
What Not To Do Between Your Mortgage Approval and Your
Mortgage Funding Date
Okay so some of these may be obvious but just in case here is a list of what not to do before your mortgage closes. 1. Do not buy a new car or trade-up to a more expensive lease. 2. Do not open new credit cards or rack up existing credit cards. 3. Do not apply for another loan or co-sign a loan or mortgage for anyone else. 4. Do not stop paying your current debts and make sure you pay your bills on time. If the lender pulls your bureau prior to closing and sees a collection or a delinquent account the best you can hope is that they will make you pay off the account before they will fund the mortgage. If any drastic changes are present on your credit bureau you do run the risk that the lender will pull their approval. 5. Do not buy furniture on the "Do not pay for ____ years plan" until after funding. Even though you don't have to pay it will still be reported on your credit bureau, and will become an issue, especially if your approval was tight to begin with. 6. Do not spend the money you saved for your down payment and closing cost. 7. Do not quit your job, or change jobs. People think "but it was a better job, and better pay" but what if it is on probation and you have 5% down, and a gifted down payment, and a 650 credit score? Your approval is in jeopardy. Talk to your professional mortgage planner before you change anything job related. 8. Do not transfer large sums of money around between bank accounts. Lenders get especially uneasy about this one. Be ready to document any cash transactions, or money movements. 9. Do not accept a cash gift without properly documenting it with your mortgage planner. This one is most common often right around a wedding. If you have a bunch of cash to deposit before your funding date, then talk to your mortgage planner before you deposit it. 10. Do Relax. The hard part is done! Keep things the same and your mortgage will fund with ease!
I WOULD LIKE TO:
Licensed Sub Mortgage Broker with Dominion Lending Centres
Integrity Mortgage BC, © Copyright, Dominion Lending Centres Inc.
Each Office Independently Owned and Operated
What Not To Do Between Your
Mortgage Approval and Your
Mortgage Funding Date
Okay so some of these may be obvious but just in case here is a list of what not to do before your mortgage closes. 1. Do not buy a new car or trade-up to a more expensive lease. 2. Do not open new credit cards or rack up existing credit cards. 3. Do not apply for another loan or co-sign a loan or mortgage for anyone else. 4. Do not stop paying your current debts and make sure you pay your bills on time. If the lender pulls your bureau prior to closing and sees a collection or a delinquent account the best you can hope is that they will make you pay off the account before they will fund the mortgage. If any drastic changes are present on your credit bureau you do run the risk that the lender will pull their approval. 5. Do not buy furniture on the "Do not pay for ____ years plan" until after funding. Even though you don't have to pay it will still be reported on your credit bureau, and will become an issue, especially if your approval was tight to begin with. 6. Do not spend the money you saved for your down payment and closing cost. 7. Do not quit your job, or change jobs. People think "but it was a better job, and better pay" but what if it is on probation and you have 5% down, and a gifted down payment, and a 650 credit score? Your approval is in jeopardy. Talk to your professional mortgage planner before you change anything job related. 8. Do not transfer large sums of money around between bank accounts. Lenders get especially uneasy about this one. Be ready to document any cash transactions, or money movements. 9. Do not accept a cash gift without properly documenting it with your mortgage planner. This one is most common often right around a wedding. If you have a bunch of cash to deposit before your funding date, then talk to your mortgage planner before you deposit it. 10. Do Relax. The hard part is done! Keep things the same and your mortgage will fund with ease!
