Don't mess with your credit!!!A recent buyer of one of my listings was devastated when 1 week before we were ready to close escrow, her credit score dropped 10 points, making her ineligible for the loan she applied for. Fortunately for her, my sellers were willing to give her a 2nd chance with a different lender and we should be closing escrow next week.
Sometimes, what we think would INCREASE our credit score, like paying off a credit card, might actually DECREASE our credit score. And when you are in the middle of buying a house, this is definitely something you do not want to happen.
LARRY LOCKE, of PRO-FUNDERS, INC. is a highly experienced mortgage broker, who has provided the following list of Do’s and Don'ts during the home loan process:
This list of Do’s and Don'ts will help you make your home loan process go smoothly…
- DO continue making your current housing payments.
- DO stay current on all your existing credit accounts.
- DO keep working at your current employer (unless you speak to your Lender first).
- DO continue to save the new paycheck stubs and bank/retirement account statements that
you receive, as these items will need to be refreshed later.
- DO call your Lender if you have any questions or if you want to change your financial profile in any way.
These Do’s and Don’ts are just before and during the loan process.
Once you are in your new home, you can return to normal.
- DON'T apply for new credit or let anyone run your credit - even if you are pre-approved
or your loan has already received a fully-underwritten loan approval.
- DON'T transfer credit card balances, or consolidate debt.
- DON'T close any credit card accounts.
- DON'T increase your credit card debt.
- DON'T make any large bank deposits (over $400) unless they are from payroll or tax refunds
(unless you speak to your Lender first). The source for all deposits that are not from payroll
or tax refunds must be fully documented. Notify your Lender before you deposit gift funds,
or funds from selling a vehicle.
- DON'T pay off loans or credit cards (unless you speak to your Lender first).
- DON'T make any major purchases (cars, furniture, appliances, etc.) - not even “6 months same as cash“.
- DON'T co-sign for anybody.
- DON'T pay collection accounts or charge off accounts (unless you speak to your Lender first).
- DON'T open or change bank accounts.
- DON'T take out a new loan.
- DON'T open a new cell phone account.
The best rule is “don’t change anything” unless you speak to your lender first. Refer to this loan checklist of Do’s and Don'ts often.
CALL LARRY TODAY to find how much of a loan YOU can qualify for, and about the loan programs currently available.
LARRY LOCKE, of PRO-FUNDERS, INC.
23905 CLINTON KEITH ROAD, #114-298, WILDOMAR, CA 92595
DIRECT LINE: (951) 675-6866 HOME OFFICE: (951) 461-4342 FAX: (951) 639-0277
Email: LarryLocke@Pro-Funders.com Website: www.LarryLocke.com
BRE #01263595 / NMLS #304673
Cynthia Nemelka, Owner
RE/MAX Diamond Realty & Menifee Property Management
26900 Newport Rd., #120, Menifee, CA 92584 (951) 259-9019