6 Things to Avoid After You Apply for a Mortgage Approval:
Once you’ve found your ideal home and applied for mortgage approval in Metro Detroit, there are some key things to keep in mind to ensure you close. ~
It’s exciting to start thinking about moving in and decorating your new place, but before you make any large purchases, move your money around, or make any major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.
Here’s a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process.
1. Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender.
Lenders need to know where the money came from, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.
2. Don’t Make Any Large Purchases Like a New Car or Furniture for Your Home.
New debt comes with new monthly obligations. New obligations create new qualifications. People with new debt have higher debt-to-income ratios. Since higher ratios make for riskier loans, qualified borrowers may end up no longer qualifying for their mortgage.
3. Don’t Co-Sign Other Loans for Anyone After Mortgage Approval.
When you co-sign, you’re obligated. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.
4. Don’t Change Bank Accounts.
Remember, lenders need to source and track your assets. That task is much easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.
5. Don’t Apply for New Credit after Mortgage Approval.
It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be impacted. Lower credit scores can determine your interest rate and possibly even your eligibility for approval.
6. Don’t Close Any Credit Accounts.
Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants of your score.
☝☝ ☝ Watch Video for Sneak Peak
Don’t muddle through the Home Buying and Selling Process. Buying a new home is a dream for all of us, and it’s an emotional and stressful process. It also involves the most significant financial transaction you probably will make in your lifetime.
Your Selling Guide…
Our goal is to separate your home from the competition, keep Buyers focused on your house. The Selling Guide is very detailed and works step-by-step, so you’re guaranteed Top Dollar for your home. It will help you work through the selling process using the latest in high-tech market tools, so you make MORE MONEY.
Your Buying guide…
It will help you buy your ideal home with confidence and save thousands in the process. 1. What you should avoid after applying for your mortgage. 2. How to Save Money when you purchase. 3. Know the market Your In and Home Prices.
Both Guides will help you…
Strengthen your Negotiation Power. How to handle negotiations if you find yourself in a multiple offer situation? Find out the answers by downloading your PDF e-Book Guides and WIN when Buying and Selling a home in 2022
Get Your Home Buying and Selling Strategies in our E-Guide
Bottom Line Things to Avoid After You Apply for Your Mortgage Approval
Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. The best plan is to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.
Simplifying Real Estate Through Education
As we move forward, it’s been challenging as we navigated through all the changes. Putting your dream of a new home on HOLD shouldn’t be one of them. Now more than ever, knowledge will be your power. Know the Market You’re In and your Negotiation Power. Check out Categories for additional updates regarding the Market | Buying | Selling
If You Need To Sell 1st…🛑 I Recommend STOP Doing This!
No 2 homes are alike, and agents need to 🛑 marketing ONE size fits all. We no longer have an exposure problem (internet). Your home is buried on public home search internet sites. The only way to compete on those platforms is the price. If you want more money, you need to apply Influence. Separate your home from the competition, so the Buyer sees value. Keeping them focused on your property and not getting lost in homes’ inaccurate data on public internet sites is necessary. Having digital omnipresence on serval platforms is your key to success. Remember MORE INFLUENCE = MORE 💰. We have details on how you can utilize High Tech Marketing and Win!
Peek into My Crystal Ball
This is the 3rd time I’ve been involved in a housing crisis in the real estate business. As our economy and interest rates start bouncing back, we will be watching for a shift. There are 3 parts to making the most money on the sale of your property.
- Metro Detroit Housing Market Update ~ Live 3-year Market Trends.
- My Blueprint is Your 🔑 to 🏡 Buying & Selling Success~ Education is critical.
- Prepare a marketing plan that influences buyers.~ High Tech Digital Marketing
Have Questions?
If you have any questions, contact us: Chatbot 🤖 at the bottom. Contact me by Email 📩 or my Cell 📲 @ 248-343-2459. Would you mind sharing your thoughts below or what future article you would like to see? Your opinion is important to us…. this site is for you.🤩 To Keep up to date, request our 🏡 Chat Newsletter or Follow us on Facebook, Instagram, or YouTube.
Could you help me Find my Perfect Ideal Home!
Please tell me what you’re looking for in your new Ideal Home…I can help you find the newest and best homes on the market. 
Need Help with the Right Mortgage?
See how you can save Thousands.
Have Questions?
Let us know what we can do to help you work your way through the Buying & Selling Puzzle.
Website Development, Production, and Content by Pam Sawyer @ Team Tag It Sold © 2017 All Rights Reserved
Leave a Reply
You must be logged in to post a comment.