Critical Information on Mortgage Pre-Approval
Mortgage Information Update
With continued changes in the lending industry, it’s useful for home buyers to know what can impair your potential for financing. Below are just a few tidbits that will help you out tremendously.
Get pre-approved!! Lenders say REALTORS should not show property without one.
Once pre-approved…DO NOT do any of the following:
- Obtain new credit (i.e. open a credit card with Home Depot etc. for future home improvements)
- Transfer balances from one revolving account to another (i.e. lower rate)
- Order furniture (i.e. offers of no payments for the first 12 mos.)
- Buy any new big ticket items (i.e. auto loans or leases)
- Do not transfer money from one account to another (unless you discuss with lender and provide a paper trail)
- Do not close out any asset accounts
- Do not open new asset accounts
- Do not change your employment (pay stubs need to show 30 days worth on income)
Today, lenders are required to re-verify credit & employment just days before closing. If a buyer increases debt and no longer qualifies for the mortgage, they won’t be able to close. If they change jobs less than 30 days prior to closing, the closing may be delayed as a result.
For guaranteed pre-approval & closing call:
Claire Burlas, Senior Mortgage Consultant
Cell (508)331-5763 ~ Office (508)478-2282 ext.24
