Good Credit, Mortgage Docs and Independence Day

 Good Credit, Mortgage Docs and Independence Day

By Robin Shapiro

Tips on good credit: pay your bills on time, especially mortgage or rent payments. Late payments can hurt your credit. Don’t max out available credit. Don’t apply for too much credit in a short period of time. Too many requests for your credit history can negatively impact your score. Checking your own score doesn’t affect the score. Periodically check it for errors. Reduce your debt load. Keep credit card balances below 50% of the limit in order to maintain your score and 30% below the limit to improve your score.

Mortgage applicants usually need the following: last 12 months bank statements from all banks. Last two months brokerage statements and a call with the stockbroker. Last two years tax returns and proof that taxes were paid. Last two years w/2’s. Recent check stubs. Letter from accountant. Explanations for any large deposits or withdrawals. Homeowners and flood insurance policies. Details of any other mortgages. Copy of driver’s license and/or social security card, etc.

This week is our July 4th Independence Day holiday. Real estate tends to slow up a bit these days as people enjoy the holiday and the summer beach season. Have a great holiday weekend. Call me. Love,  Robin.

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