Trying To Get A Mortgage? Keep Your Money Where It Is Right Now Unlisted Video
3 years ago
506
News
Economy
Loans
Mortgage Broker
Refinancing
Subprime Mortgage Crisis
loan
underwriting
origins
money transfers
down payment
Most would-be homebuyers know that it's not a good idea to open new credit cards or take out other loans while trying to get a mortgage.
But according to Business Insider, it doesn't stop there. Make sure you don't do any moving around of the money you've set aside for the down payment.
That's because prior to final approval of your mortgage, lenders have to trace the origins of any transferred money for at least the past two months.
While moving money around may get you a higher interest rate, it also means you'll have more loose ends to tie up in collecting your documentation.
So once you're pre-approved, save yourself some hassle and leave your money alone. If nothing else, it will simplify an already complicated process.
Loading comments...
-
1:27
WXYZ
4 years agoDont Waste Your Money: Mortgage rent help
23 -
2:25
WMAR
3 years agoTrouble paying your mortgage?
44 -
2:09
WMAR
3 years agoTrouble paying your mortgage
22 -
2:32
WKBW
3 years agoWhere is my stimulus money?
225 -
1:29
KMGH
3 years agoLeverage Your Mortgage
13 -
2:09
KNXV
4 years agoTrying to make mortgage payments on time
12 -
0:23
KTNV
3 years agoMaking your mortgage payment
8 -
1:54
KNXV
4 years agoTrying to get your money back? How these consumers made it happen
6 -
1:57
WXYZ
3 years agoDont Waste Your Money: Get out and grill
26 -
0:26
KTNV
4 years agoWhere is my stimulus money?
169