• Aubrie Layne

The Girls Do's & Don'ts Guide to Applying for a Mortgage.

Hooray! So you have found the perfect home. In my post, I will give you some insight that nobody ever stresses enough. Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. You're undoubtedly excited about the opportunity to decorate your new place, but before you make any large purchases, move your money around, or make any major life changes, consult your lender – someone who is qualified to tell you how your financial decisions may impact your home loan. Below is a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process.

1. Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender. Lenders need to source your money, and cash is not easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

2. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home. New debt comes with new monthly obligations. New obligations create new qualifications. People with new debt have higher debt-to-income ratios. Higher ratios make for riskier loans, and then sometimes qualified borrowers no longer qualify.

3. Don’t Co-Sign Other Loans for Anyone. When you co-sign, you’re obligated. With that obligation comes higher ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.


4. Don’t Change Bank Accounts. Remember, lenders need to source and track your assets. That task is significantly easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.

5. Don’t Apply for New Credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be impacted. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

6. Don’t Close Any Credit Accounts. Many buyers believe having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants of your score.

Bottom Line Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. The best plan is to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.


for more information, you can always reach me, Aubrie Layne-Rodriguez at steeldoorrealty.com or call/text 832-213-7563.

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AUBRIE LAYNE-RODRIGUEZ

REALTOR ASSOCIATE

 

OFFICE LOCATION-CENTRAL

1717 W LOOP S STE 1700

HOUSTON TX 77027

SOTHEBYSHOMES.COM

713.520.1981 OFFICE

281.773.4259 MOBILE

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AUBRIE LAYNE- YOUR GUIDE TO HOUSTON'S NEIGHBORHOODS

BIO 2021

Aubrie Layne, a luxury real estate specialist, possesses the winning combination of loyalty and confidentiality. Having a firm grasp on Houston’s premier neighborhoods, her knowledge and strong work ethic have garnered her a clientele from all over the world. Considered an insider, she is the consummate professional who focuses on fine properties inside the loop, Montrose, The Heights and up and coming areas like Eado.

 

A native Houstonian, Aubrie was raised in California and returned to Texas in 2001. A beauty prodigy, at age 12 she started her first business and by 20 years old she was promoted to the prestigious position of a global makeup artist with Laura Mercier. She represented the brand in Asia, Europe, and The Americas with regular work for the Paris and New York Fashion Weeks. Aubrie has 25 years of experience as a makeup and eyebrow specialist winning BEST of multiple categories in the beauty industry. She was recently named one of Houston’s top 26 Most Stylish People by the Houston Chronicle. 

 

With her thumb on the pulse of what’s happening in Houston and a family of real estate entrepreneurs, a career in residential real estate was an obvious choice for this organized, highly driven, motivated professional. Aubrie strives for excellence in all things and is committed to the priorities of her clients. Employing a solid referral base and many high profile clients, she is an excellent listener and problem solver who thrives under pressure and loves the challenge of making certain that any transaction is a “win-win” for all parties involved.

 

Aubrie is a member of the National Association of Gay and Lesbian Real Estate Professionals, National Association of Realtors, the Texas Real Estate Commission, and Texas Association of Realtors.

 

A die-hard HLSR volunteer with the Houston Livestock Show and Rodeo Souvenir Program Committee, Aubrie is on the Goody Girls Cook-Off Team. She was the 2015 Adult Honoree for the Arthritis Foundation Bone Bash Gala where over $300,000 was raised for the charity event. She is an Arthritis Foundation Houston Junior Board and committee member. A bonus mom to three boys in college, Aubrie is engaged to a financial planner,a perfect power couple-empty nesters.

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