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Beware of the rules of Lending, 9 of 12 Co-Signing
DON’T CO-SIGN ON ANOTHER PERSONS LOAN— Whatever you do, don’t get talked into helping your kids, your in-laws or ANYONE else with getting financing that they can’t get on their own right now. The...
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Beware of the rules of Lending, 8 of 12 Paying off Debt
DON’T PAY OFF COLLECTION ACCOUNTS OR CLOSE CREDIT CARDS - The horrors that this can create are not pretty. I know it may seem like the right thing to do, but this falls under the category of ’No Good...
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Beware of the rules of Lending, 7 of 12 Marriage
DON’T CHANGE YOUR MARITAL STATUS- You have waited this long, so just hang on a little bit longer and don’t start that divorce filing quite yet. If you do, be prepared to jump through hoops of fire… it...
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Beware of the rules of Lending, 6 of 12 Maxing Out
DON’T MAX OUT OR OVERCHARGE CREDIT CARDS— One of the quickest ways to destroy your chances of getting your home loan is to go on a spending spree during the loan process. Remember we covered that this...
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Beware of the rules of Lending, 5 of 12 Overdrafting
DON’T OVERDRAFT FUNDS — I’m not talking about getting over zealous at the beer tap. Let’s talk about nasty little subject that we call BTDs or Bank Transmitted Diseases. As much as we don’t want to...
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Beware of the rules of Lending, 4 of 12 Shredding
DON’T SHRED YOUR PAY-STUBS & BANK STATEMENTS— I run into clients all the time who get their bank statements and pay-stubs in the mail, then they verify the information and balance their own...
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Beware of the rules of Lending, 3 of 12 New Credit
DON’T APPLY FOR ANY NEW CREDIT—Resist that new set of knives or the 15% discount you will get if you open a new account!! The lender will refresh your credit report right before they fund the loan and...
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Beware of the rules of Lending, 2 of 12 Moving Money
DON’T TRANSFER MONEY FROM ACCOUNT TO ACCOUNT— Please put your money for your down payment and or closing costs in ONE account and leave it there, and the sooner the better please. DO NOT keep...
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Beware of the rules of Lending, 1 of 12 Jobs.
They may be ridiculous, irritating and challenging, but if you don’t heed these warnings and you break the rules, your loan could be DENIED AT THE LAST MINUTE! DOs and DON’Ts During The Loan Process 1....
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Opened a new trade line?
So you opened a new credit card, bought a new car or did something else that will effect your credit and or debt to income ratios. If you opened this account within the past 45 days, chances are that...
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