Monroe Real Estate News

Client Credit Thou Shall Not List

September 28th, 2022 8:29 AM by Judy Chapman

This is such helpful information from my friends Chris Wolfe and Barb Pilarczyk over at Integrity Mortgage Group (IMG).  They are, of course, in the lending business.  Their article starts out by telling how "gut wrenching" things can happen during the homebuying process when your buyer clients are not even aware that things could "change" their credit status.  Here is their list.

Don't Make Major Purchases (My Note:  Your buyers are going to be excited about their new home.  Don't let them go out and buy new appliances and a household full of furniture on credit.  Tell them to pick it all out and have the store put it on hold.)

Make unsourceable cash deposits (hard to trace, hard to explain) to your bank account.  Selling personal property may require a paper trail like a bill of sale and deposit sourcing.  (My Note:  If a family member is going to help you out with down payment or closing costs, speak with your lender about it before hand.  That has to be made known and approved by the lender in most cases.)

Don't co-sign anything for anyone.  (My Note:  This is not only a good rule of thumb for when you are getting ready to purchase a home.  This is an anytime good rule of thumb.  That sits on your credit just like it was yours and if the other party defaults, that also sits on your credit just like it was yours.)

Don't spend money that you've saved for your down payment. (My Note:  Do you have money saved for a home purchase and/or emergencies?  You need to have.  Make a practice of "paying yourself first."  An easy way to do this is to have the bank draft from your paycheck into a savings account.  Make it a habit and you will get to where you don't miss it. )

Change jobs without talking to your loan officer or consultant first.  Also, make sure your hours are not reduced potentially effecting your qualifying income.  (My Note:  If you do, it will at least be a delay because most lenders will want to see a few pay stubs from your new job before they move forward.  This could cause you to lose a rate lock or worse.)

Make major credit changes.  Don't let that 20% off be the reason the loan is denied! (My Note:  Don't even CLOSE a credit card without checking first with your lender.  This can also change your credit score, and if you are just at a level of acceptance, that could cause you to no longer qualify.)

Chris Wolfe contact info:  910-690-3764 or and Barb Pilarczyk can be reached at 704-989-8175 or  This is some sound advice from a reliable lender.  Read it and remember it.  If you know someone who is getting ready to purchase a home or land, share it with them and also, while you are at it, share my contact information.  I would love to help them.  I Love Referrals!!!  Judy Chapman, Appleseed Realty LLC at 704-219-3160 or

Posted by Judy Chapman on September 28th, 2022 8:29 AM

Appleseed Realty

320 Wildwood Road
Monroe, NC 28110