Stop! Don’t Do This When Getting a Mortgage!

Stop! Don’t Do This When Getting a Mortgage!

DO NOT DO THIS WHEN GETTING A HOME LOAN! HomeBuyers! This is so important that I can’t say it enough! If you are applying for a home loan to buy a home, don’t make these costly mistakes before closing! I know it’s exciting and you want to jump ahead before you close… but you risk losing the home!

Hi, I’m Tanja Odzak, eXp Realty, and I help people sell and buy homes right here in the East Bay.

Don’t Deposit Large Sums of Cash. Lenders need to source your money and cash is not traceable. Lenders will need your bank statements so if you are planning on depositing a large sum of cash, you want to discuss the proper way to document it with your lender. 

Don’t Make Any Large Purchases. It is not just home-related purchases like furniture and appliances that can disqualify you from your loan, but also buying a new car or an expensive vacation on credit can weaken your FICO Score. Any large purchases can be red flags for lenders. Borrowers with new debt have higher ratios making them riskier for a loan. Resist the temptation for any large purchases until after your closing. 

Don’t Cosign Loans for Anyone. When you cosign for a loan you are making yourself accountable for that loan’s success and repayment. So if a family member needs some financial help, hold off until your transaction closes. 

Don’t Switch Bank Accounts. Lenders need to source and track your assets. This is an easier task when there’s consistency among your accounts. Switching banks in the middle of escrow may disqualify you from obtaining a loan. And, finally, 

Don’t apply for new credit. It doesn’t matter if it is a new credit card or a new car, don’t do it. Your credit report will be checked multiple times and applying for new credit could impact your FICO score. 

Are you ready to talk about buying a home? Just call me! I’m a seasoned East Bay expert with a 5-Star rating and I’d love to help guide you through the process, whether that’s buying or selling or both! 

And ask me about my home selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really!  Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Terms do apply. I’m Tanja and I sell homes. Let’s get you going, Call me today!

I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit. 

Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?



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