Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase.
This morning I sat down with Mark Waterman from Great Western Bank and discussed why opening another line of credit during the purchase of a home might cause problems with your mortgage. You can reach him at 605.627.0602 or Mark.Waterman@GreatWesternBank.com His office is located at 1302 6th St., Brookings SD 57006 or on the web at www.GreatWesternBank.com.
Opening a Line of Credit in the Midst of Buying a Home
- Hey, good morning everybody. Shane here from the Brookings Home Team which is says right about here. Powered by Century 21. I got Mark Waterman from Great Western Bank here this morning for our 8:15 Monday morning mortgage tip. I hope everybody had a great weekend. NFL started. Excited stuff, so we're one and oh.
- The Vikings, right?
- Boo. No, but, great Bears/Packers game last night. That was fun to watch, but we're not here for any of that. We're gonna talk a little bit about mortgages and what kind of tip you have for our group here today, so.
- Thank you Shane. So the Monday morning mortgage tip that I had I recently just helped a customer close on their loan at the end of last month, and something came up during that loan process that I thought would be something good to kind of reiterate, but whether you're thinking about applying in the very near future, or you have applied, or you're pre-approved, or you've signed a purchase agreement, no matter where you are in that process between thinking about buying a house and actually closing on a house, you need to pay special attention to two things. One, making your multi-payments on time. I mean, it's very crucial during that period, but on the second thing... And this actually came up when I was dealing with my clients that they took out some additional credit during the process. Well, during the time that you apply, and basically from when you apply to when you close, the bank is monitoring, essentially, your social security numbers, and making sure that you're not taking out any additional debt, and the reason for that, if they got additional debt, we have to factor that into your monthly payments, and so that debt ratio, if you're qualified but you're kind of on the fringe and then you take out some additional debt, that may put you over to where you no longer qualify. So it's very important before you take out any additional credit cards, go buy new furniture, buy a different truck, something along those lines, it's very important that you have the conversation with your mortgage loan officer to make sure that you would still qualify with that monthly payment, and that it's not gonna throw you out of qualifying, because obviously that's a, you know, an awkward situation for everybody at that point, and we certainly... Our job is to get you to qualify, so we don't want that anymore than you, or the person you're buying the house from, or the realtor, you know, and so it's just important. Have the conversation before you take out any additional debt, before you raise credit limits, things of that nature. Visit with the loan officer that you're dealing with.
- Good stuff. It's always important to... Us at the Brookings Home Team, we do send out a congratulations letter that does kind of specify don't take anymore credit, and talk to your lenders before you do any major purchases there. So, good information. If you do have any questions for Mark, feel free to reach out to him. All of his information will be on the top, on the bottom, or on the sides. Wherever your device allows you to see it, and feel free to share this with anybody else that you think would be interested in listening to this tip here, as well, along with any other tips we might have there, but, again, all of his information for Mark will be available in this post, and of course you can reach out to me, too, if you have any questions. If you do have any questions going forward for Mark, or myself, feel free to mention those in the comments, as well. That will do it for this Monday morning mortgage tip.
- You bet.
- I'm heading to North Dakota this week for our state convention. Are you gonna be there at all?
- No, no I'll be in the office all week, so...
- So somebody is going to stay here and work. That's fair.
- There you go.
- That's good. You bet. Thanks again for watching. You guys have a great week and we'll be back in touch next week. Have a good one.
- Thank you.