23 Apr The Holly Walther Lending Team: Fun Fact Friday – What Not To Do
Holly: Hey guys, happy Friday. It’s Holly and little miss Daisy. Gosh, she’s tuckered out. It’s been a long week, but we are here with this week’s fun fact Friday. And it’s been a while since we’ve talked about what not to do when going through the mortgage loan process. So I thought it’d be a fun thing to just recap some of those bullet points as we are seeing these things come up more often than we would like lately.
So a few things. Don’t quit your job guys. Common sense here. If you are buying a house and you are already pre-approved, especially in this competitive market, if a situation presents itself where you get a different job opportunity, let’s talk about it. Because what you don’t realize is the depending on the type of job, depending on the way that you’re paid and so many other things, it may prevent you from keeping your approval in the contract that you have pending on your new home. So don’t quit your job. If you’re in a situation where you have to consider something different, please, please, please talk to your mortgage professional.
Number two, don’t buy a car. Guys again, I know circumstances present themselves. Maybe you’re in an auto accident. Maybe you don’t have a choice. But again, this is something that you need to talk through with your mortgage professional. Do not make assumptions that it will be okay, even if the payment’s saying the same. Because by opening a new account, if for some reason we have to update your credit, that could tremendously affect the results of your mortgage. So that short-term car isn’t worth your 30 year mortgage. Number two, don’t co-sign on someone else’s car. Don’t co-sign on someone else’s loan. Again, constant communication. Let’s talk.
My favorite one is, don’t open any new credit cards. Guys, the marketing teams out there are slick and they are sending you “0% interest! Consolidate today!” I understand how that makes sense to you on paper, but from a credit score situation, it makes no sense. You’re getting hit with opening a new card. Not only that, it’s a new revolving card. And then 99% of the time, whatever you’re transferring and consolidating, they’re reporting that as a maxed out credit card. Three strikes on that one. Don’t do it.
Last but not least, don’t deposit cash. Really not last, here’s last but not least. Don’t miss your payments. Guys. Let’s think about this. You are in a position to make the largest financial transaction of your life. Missing payments close to that day is not going to help that situation. So there’s your recap, the don’ts that you don’t need to be doing if you are looking to buy at home or in the mortgage process. If you have questions, as always, call us. That is what we’re here for. And have a great weekend.