Welcome to the PortlandMarketWatch.com Blog

2019-03-14 12:27:21
7 Things To Avoid After Applying for a Mortgage!

Below is a list of 7 Things You Shouldn’t Do After Applying for a Mortgage! Some may seem obvious, but some may not!

  1. Don’t change jobs or the way you are paid at your job. Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.
  2. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.
  3. Don’t make any large purchases like a new car or new furniture for your new home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios… higher ratios make for riskier loans… and sometimes qualified borrowers no longer qualify.
  4. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payment against you.
  5. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer money between accounts, talk to your loan officer.
  6. Don’t apply for new credit. 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 affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.
  7. Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more likely to be approved. Wrong. 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 those determinants of your score.

Bottom Line

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.  if you are currently not working with a lender, we would love to recommend one.  Give us a call to start the process!

Theresa deSousa  503-819-5006
Brian Spear          503-515-9374
Real Estate Brokers in the State of Oregon

Blog Archive
2020-01-16 14:25:17
2020 Outlook: Real Estate Market Forecast

2020-01-16 14:11:08
Market Update :: January 2020

2020-01-16 14:11:00
5 Steps to Finding Your Next Home

2019-12-12 15:18:52
Market Update :: December 2019

2019-12-11 14:22:19
Gifts and Gadgets for Every Room

2019-11-15 15:08:46
Market Update :: November 2019

2019-09-17 12:13:38
Market Update :: September 2019

2019-09-16 17:45:20
National Snapshot: How's the Real Estate Market?

2019-08-15 16:37:39
Market Update :: August 2019

2019-08-15 16:25:03
Will Your Remodel Pay Off? The Best (and Worst) Ways to Spend Your Budget

2019-06-22 18:38:27
Serious About Selling?

2019-06-21 14:11:31
Market Update :: June 2019

2019-05-17 14:18:03
Market Update :: May 2019

2019-05-15 14:36:49
'Spark Joy' for Buyers

2019-04-17 12:15:09
10 Home Buying Myths

2019-04-16 15:11:29
Market Update :: April 2019

2019-03-15 15:11:26
Market Update :: March 2019

2019-03-14 12:27:21
7 Things To Avoid After Applying for a Mortgage!

2019-03-01 14:50:35
Market Update :: February 2019

2019-02-26 12:13:13
Design Trends for 2019

2019-01-15 12:11:43
Market Update :: January 2019

2019-01-14 10:31:24
January 2019 Report: What’s Ahead for Real Estate in 2019?

2018-12-05 12:08:14
Market Update :: December 2018

2018-12-04 16:40:04
‘Tis the Season: 5 Reasons Why Winter is a Great Time to Buy or Sell a Home

2018-11-06 11:54:46
Are You Covered? A Homeowner’s Insurance Guide

Click here to see ALL articles.

Comment on this Article

Your Name:
Your Email:
Verify:  Please enter the numbers shown to help eliminate spam.
(503) 515-9374
Licensed Real Estate Brokers in the State of Oregon

© ProAgentWebsites.com |  Terms & Conditions |  Privacy Policy |  Fair Housing