GOOD CREDIT, MORTGAGE DOCS, AND UPCOMING HOLIDAYS

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 W2s. 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.

Memorial Day is Monday, May 29. Real estate tends to slow up a bit on this “first day of summer.” The Jewish holiday of Shavuot starts tonight and ends on Saturday night. No work is permitted for the observant. Have a great holiday weekend. Call me. Love, Robin.