THOUGHTS ON CREDIT
By Robin Shapiro
DON’T DO IT: if you are in contract to purchase a property, then there are pitfalls to consider. If you are a cash buyer (no mortgage), then these considerations do not apply. People that need a mortgage should try to avoid certain actions: purchase of big-ticket items just before the closing – new cars, expensive furniture. Changing jobs can create a problem. The mortgage lenders can be “right on top of these things” and threaten to withdraw. It might be necessary to scramble to satisfy the bank’s requirements.
BE PATIENT: Mortgage banks often ask for updated documents right up until the end (even just before the closing). It can be stressful to comply. They may ask for bank statements, tax information, brokerage account statements, check stubs, etc. It’s a good idea not to change banks at this time because the lender may want to check paperwork with the old bank. These requirements can happen to anyone – even people with the BEST credit – it’s the nature of the process.
RENTING: apartment hunters should be prepared with documentation: W-2, pay stubs, bank statements, and a credit report.
HOLIDAY: the Jewish holiday of Tisha B’av began last night and ends tonight (July 27). It’s a time of fasting for the observant. Call me. Love, Robin.
