Don’t make these 5 crucial mistakes before closing your mortgage! Hi, I'm James Brinkman with AustinRealEstate.com and Homes By Brink. In this video, I’ll guide you through the common blunders buyers make when applying for a mortgage. From avoiding large deposits of cash that can’t be traced by lenders, to resisting the temptation of making large purchases, I cover it all. Co-signing loans, switching bank accounts, or applying for new credit can all jeopardize your mortgage process. Stay informed and prepare for your home-buying journey with expert advice. If you’re planning to buy a home and want to navigate the mortgage process successfully, this video is a must-watch. For more in-depth guidance and personalized assistance in real estate, reach out to me - your go-to expert in Austin real estate. Remember, in Austin, when you think real estate, Think Brink! See you soon.
Creator Bio:
James Brinkman, known as "Brink," is a leading figure in real estate with a profound understanding of the mortgage process. He is associated with AustinRealEstate.com and Homes By Brink. Brinkman's expertise in the Austin real estate market and his dedication to helping clients navigate the complexities of buying a home have made him a trusted and respected voice in the industry.
Key Takeaways:
1. Avoid Large Cash Deposits: Large sums of cash are hard to trace and can complicate the loan approval process.
2. Resist Large Purchases: Any significant spending can affect your credit score and loan eligibility.
3. Don’t Co-sign Loans: Co-signing can increase your debt-to-income ratio, negatively impacting your loan prospects.
Step-by-Step Process:
1. Pre-Closing Caution: Maintain financial stability and avoid any major changes that could alert lenders.
2. Consistent Banking: Stick with your current bank accounts to ease the tracking of assets.
3. Credit Score Protection: Avoid applying for new credit lines as they can adversely affect your FICO score.
Resources Mentioned:
AustinRealEstate.com: A platform for exploring real estate options in Austin.
Homes By Brink: Personalized real estate services offered by James Brinkman.
Personal Advice:
As an expert in this niche, I advise all potential homebuyers to maintain a stable financial profile during the mortgage application process. Unexpected financial moves can raise red flags for lenders, potentially jeopardizing your loan approval.
FAQ:
Q: How do large deposits affect my mortgage application?
A: They can complicate the verification of your financial history and source of funds.
Q: Why should I avoid making large purchases before closing?
A: Large purchases can impact your credit score and debt-to-income ratio, affecting loan approval.
Q: Is co-signing a loan a bad idea during mortgage application?
A: Yes, it increases your financial obligations and can affect your loan eligibility.
Q: Should I switch my bank accounts before applying for a mortgage?
A: No, consistency in banking is preferred for asset tracking.
Q: Can applying for new credit affect my mortgage application?
A: Yes, it can lower your credit score and indicate financial instability to lenders.
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00:00 Introduction
00:11 Large Sums of Cash
00:31 No Large Purchases
00:56 Don't Co-Sign for Anyone
01:08 Don't Switch Bank Accounts
01:21 Don't Apply for New Credit
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