14 Jun Holly Walther Team Fun Fact Friday: Mortgage Don’ts
Holly Walther Team Fun Fact Friday: Mortgage Don’ts
Hey, good afternoon. It’s Holly and little miss Daisy. And we are here with your mortgage Fun Fact Friday (they always make Daisy so tired.) Um, but anyway, let’s go over some Do’s and Don’ts before applying for a mortgage. Now that the Spring Market is here, actually we’re moving into Summer; a lot of people are calling and they’re preparing for purchasing their new home. So let’s go over the Don’ts today and then next week we’ll follow up with the Do’s.
So you don’t need to be opening any new charge card accounts. And that’s not limited to just clothing departments, furniture, don’t buy any new cars, don’t be letting people pull your credit to update cc balances or anything like that, because we really want to limit the reasons your credit is being pulled.
Also, don’t open any new credit cards at 0% interest and do some great consolidations because a lot of pp don’t realize is then what you’re doing, is you’re setting up your credit card with a max credit line and that can reduce your credit score.
Also, we don’t want to be closing any credit card accounts. A lot of times ppl think that those inactive credit cards need to be close and that’s going to improve your credit score, which actually that could do more damage. We want to keep those old credit cards open, especially if they’re in good standings because it gives you excessive credit depth to your credit score and improves that credit score.
Also, don’t be opening any new bank accounts, don’t be switching money around, and don’t change your job without speaking to a mortgage professional first to walk you through the steps in regards to a job change, to make sure it won’t disqualify you for your new home.
So those are your Don’ts for today. Hope you have a great weekend. And remember we’re always here for your questions! 404.436.0013