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Once you’ve found your dream home and applied for a mortgage, there are some key things to keep in mind before you close. It’s exciting to start thinking about moving in and decorating your new place, but before you make any large purchases, move your money around, or make any major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.

Here’s a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process.

1. Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender.

Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

2. Don’t Make Any Large Purchases Like a New Car or Furniture for Your Home.

New debt comes with new monthly obligations. New obligations create new qualifications. People with new debt have higher debt-to-income ratios. Since higher ratios make for riskier loans, qualified borrowers may end up no longer qualifying for their mortgage.

3. Don’t Co-Sign Other Loans for Anyone.

When you co-sign, you’re obligated. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.

4. Don’t Change Bank Accounts.

Remember, lenders need to source and track your assets. That task is much easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.

5. 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 impacted. Lower credit scores can determine your interest rate and possibly even your eligibility for approval.

6. Don’t Close Any Credit Accounts.

Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. 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 of those determinants of your score.

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. The best plan is to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.

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You’ve got questions and we can’t wait to answer them.

🌿Meet Kristy Talmy-Greenwood @elevenrealestate team member 🎉

Kristy is an experienced Real Estate agent who has been selling up and down the coast of California for close to 20 years. 

We love her experience, knowledge, know-how, grit and wisdom. 
But, she is also a certified foundation inspector 👷🏻‍♀️and, as if that weren’t enough, a certified home inspector. 🛠

Kristy is a dream for buyers who want someone that understands the physical nuances of home buying and also for sellers who want to prepare their home for a solid and transparent sale. She single-handedly brings more to a transaction than most would hope for in an entire team. That being said, she is a team player through and through. 

Kristy understands your needs and can translate them into reality. She is as comfortable in front of an international investor 🏗as she is under the house pointing out drainage considerations and other structural data most of us leave for the pros. Because she is the pro! 💪🏽

Kristy is as over-qualified as she is  kind, intelligent, funny and warm-hearted. And, she is street smart. We like them smart! 

Kristy's eyes light up when talking about the mysteries and secrets hidden in a crawlspace. Long time lover of construction, our realtor/home inspector extraordinaire brings a multi dimensional perspective to the sale or purchase of any property. She is excellent at what she does and easy to work with.

Kristy loves the outdoors, mostly around the water, and spending time with her three children and the family rescue pup. She is a poet, hiker, surfer, body-builder, traveler, and is always up to pushing the envelope with a good day dream!

Welcome @kristy.greenwood.injoy to Eleven Real Estate Team 🙌🏻

#welcome #realtor #homeinspector #homebuying #homeselling #realestatetips #realtoroftheyear #tealtorforlife #realestateagent #sananselmo #fairfaxca #realestateagent #marinlife #marinrraltor #elevencalifornia #eleven Instagram post: 🌿Meet Kristy Talmy-Greenwood @elevenrealestate team member 🎉 Kristy is an experienced Real Estate agent who has been selling up and down the coast of California for close to 20 years. We love her experience, knowledge, know-how, grit and wisdom. But, she is also a certified foundation inspector 👷🏻‍♀️and, as if that weren’t enough, a certified home inspector. 🛠 Kristy is a dream for buyers who want someone that understands the physical nuances of home buying and also for sellers who want to prepare their home for a solid and transparent sale. She single-handedly brings more to a transaction than most would hope for in an entire team. That being said, she is a team player through and through. Kristy understands your needs and can translate them into reality. She is as comfortable in front of an international investor 🏗as she is under the house pointing out drainage considerations and other structural data most of us leave for the pros. Because she is the pro! 💪🏽 Kristy is as over-qualified as she is kind, intelligent, funny and warm-hearted. And, she is street smart. We like them smart! Kristy's eyes light up when talking about the mysteries and secrets hidden in a crawlspace. Long time lover of construction, our realtor/home inspector extraordinaire brings a multi dimensional perspective to the sale or purchase of any property. She is excellent at what she does and easy to work with. Kristy loves the outdoors, mostly around the water, and spending time with her three children and the family rescue pup. She is a poet, hiker, surfer, body-builder, traveler, and is always up to pushing the envelope with a good day dream! Welcome @kristy.greenwood.injoy to Eleven Real Estate Team 🙌🏻 #welcome #realtor #homeinspector #homebuying #homeselling #realestatetips #realtoroftheyear #tealtorforlife #realestateagent #sananselmo #fairfaxca #realestateagent #marinlife #marinrraltor #elevencalifornia #eleven
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