Applying for a Home Loan and Knowing the DO’s and DON’Ts – PART 2 of 2

  • DON’T apply for new credit or any deferred payment plans. This is a popular option when purchasing furniture. Even if the payments won’t start until 6 months or more down the road, these future payments will show in your credit report as debt and can affect your debt-to-income ratio and your credit score.
  • DON’T co-sign on any loans. In the eyes of a mortgage lender, this is also regarded as new debt and will affect your debt-to-income ratio and your credit score.
  • DON’T close any revolving credit accounts. Even if they have a zero balance, this action could negatively affect your credit score as it changes your credit history, % of available credit and your mix of credit and account payment history.
  • DON’T acquire any non-sufficient funds or overdraft fees from your bank. Be certain the funds in your bank account covers anything being paid out, as mortgage lenders consider these fees an inability to manage money and a mortgage risk factor.
  • DON’T change jobs, job status or become self-employed during the process. Lenders have very strict rules regarding probationary periods, career or status changes (such as moving from a salaried to a commissioned position), leave of absence or new bonus structure.
  • DON’T make undocumented deposits. Primarily large but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Keep your deposits separate and small and it is best to avoid depositing cash.
  • DON’T wait to liquidate funds from stock or retirement accounts. If you need to sell investments, do it now and document the transaction. Don’t take the risk that the market could move downward leaving you short of funds to close.
  • DON’T ever be afraid to ask questions. If you’re uncertain about what you need or what you should do, consult with your lender.
  • DON’T forget to contact Maria Pienkos, Mortgage Loan Originator, NMLS #659684, with Patriot Lending Services Inc., located in Spring Hill FL, for all your mortgage needs. Maria can be reached anytime at (352) 573-0005.

We hope you found this post to be helpful, informative and interesting …

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Until then… it’s all about YOU!

About Gail Spada

Gail Spada’s real estate career began in 1990 and it didn’t take long for Gail to discover her love for the industry. In 2001, she began her real estate sales profession with Century 21 Alliance Realty in Spring Hill, FL. Gail has worked diligently to stay on top of her game. She is a Florida Licensed REALTOR® and has earned the following designations/certifications to include: GRI (Graduate Realtor Institute), ePRO (Internet Savvy Real Estate Specialist), AHWD (At Home With Diversity – One American) and SFR. It is that well-rounded training and experience, coupled with her intimate knowledge of the Hernando County real estate market, that enables Gail to deliver results to her customers.