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Do sellers have to disclose a death or haunting?

Half of us knock on wood, wish upon a star, and won’t open an umbrella inside. We’re superstitious. And a home with murder, death, and ghosts are definitely bad feng shui. But how do you know if a house you’re considering buying has had any of those spooky occurrences? What does the seller have to disclose?

A peaceful death in the house

It’s usually not necessary for a seller to disclose a peaceful death unless the buyer asks. Keep in mind that a vast majority of us (80%) hope to die at home. So it’s not always a bad thing to have someone have died in the house. A peaceful death in a home is fairly common (20% of people die at home) and not something most states require a homeowner to disclose. California, South Dakota, and Alaska are a little different though. In these states, they do have to disclose it if it happened within the past three years. Everywhere, however, some types of death (such as by AIDS) cannot be disclosed.

If the death was directly related to the house, as example, if someone was killed by falling down the basement stairs because there was no railing, almost every state will require it to be disclosed (even after the safety issue was corrected).

Violent death in the house

Murders and suicides are a different story. Most people don’t want to build a life where tragic things happened. In the case of a violent death, the property is considered stigmatized. Like a physical defect such as water or fire damage, a violent death is something that can affect the home’s value. Sellers in many states are required to disclose the events.

See what must be disclosed in your state: nolo.com/state-seller-disclosure-requirements

Ghost in the house

If a home is known to be haunted – either in the community or nationally, it’s treated differently than if the homeowner only feels like it’s haunted. Famously haunted houses are stigmatized and its value and potential to sell is impaired. These types of hauntings should be disclosed. If an owner has seen a few strange things during their time in the house, but it has never been officially documented, they’ll probably keep this knowledge to themselves.

What can you do?

In general, the rule is “buyer beware” when looking to purchase a property. Do your own research. Ask questions. And talk with your real estate professional if you have any concerns. Companies like diedinhouse.com can even provide you with a report on deaths, drug activity, fires, and other information you may want to know before you buy.

If you have any questions about getting a loan for a spooky property, talk to your local Mann Mortgage loan professional. They live in your community and can help you find the neighborhood with the best Halloween parties. Find your local loan officer: mannmortgage.com/find-a-loan-officer.

Members of latest Champions Club announced

Mann Mortgage announced the winners of its annual loan officer awards program, the Champions Club. Membership in the club is based on how many loans the individual has closed in their communities over the year. This year’s winners come from offices across the United States and represent the best of the best.

“These men and women have done an incredible job. They’re all small hometown lenders and they’re working directly with borrowers. They’re creating personal connections and really getting to know each borrower so they can suggest the right loan product for their needs,” says Cassidy O’Sullivan, chief strategy officer.

Award recipients are broken into two categories. Champions Club and ChairMANNs Elite.

Champions Club members are our top 20% of performer. This year, they are:

  • Tony Reynolds of Kalispell, Montana
  • Bernie Dittenhofer of Hood River, Oregon
  • Betsy Rispens of Helena, Montana
  • Brady Angelos of Allied Mortgage Resources in La Grande, Oregon
  • Brody O’Connor of Homeseed Home Loans in Bellevue, Washington
  • Chad Cole of Missoula-South, Montana
  • Christa Nadeau of corporate loans
  • Colin Myers of Monument Home Loans in Arlington, Virginia
  • Cory Henderson of Reno, Nevada
  • David Dohman of Wet Lynn/Lake Oswego, Oregon
  • Davis Kempton of Silver City, New Mexico
  • Doug Olson of Kailua, Hawaii
  • Jake Van Cleave of Redmond, Oregon
  • Jennifer Bunton of Great Falls, Montana
  • Jodi Krause of Life Mortgage in Longview, Washington
  • Jonathan Hughes of Lewiston, Idaho
  • Juan Baltazar of Homeseed Home Loans in Bellevue, Washington
  • Justin Blodgett of Missoula, Montana
  • Keith Valentine of Kalispell, Montana
  • Lara Hawkinson of Clatskanie, Oregon
  • Matthew Brown of Eugene, Oregon
  • Matthew Fleming of Las Vegas, Nevada
  • Michelle Fiala of Allied Mortgage Resources in Baker City, Oregon
  • Mike Hogan of Chimney Rock Mortgage in Spokane, Washington
  • Mike Yutzy of Las Vegas, Nevada
  • Narda Lopez of Idaho Falls, Idaho
  • Salvatore Viti of Las Vegas, Nevada
  • Sarah Bender of Homeseed Home Loans in Bellevue, Washington
  • Shane McChesney of Kalispell, Montana
  • Steve Thurston of Great Falls, Montana
  • Tanya Torres of Eugene, Oregon
  • Toby Gilchrist of Whitefish, Montana
  • Valerie Mills-Smith of Allied Mortgage Resources in La Grande, Oregon
  • Vickie Tuskan of Roseville, Montana

And the ChairMANN’S Elite winners, who represent the top 5% of our loan officers:

  • Angelina Rice of Life Mortgage in Longview, Washington
  • Carolyn Cole of Polson, Montana
  • Chris De Leon of Homeseed Home Loans in Bellevue, Washington
  • Corey Hill of Helena, Montana
  • David VanScoyk of Safford, Arizona
  • Deb Criddle of Idaho Falls, Idaho
  • Isaac Morris of Stafford, Arizona
  • Julie Lapham of Missoula, Montana
  • Mike Flores of Low Cost Mortgage in Colorado Springs, Colorado
  • Rob Fleming of Missoula, Montana
  • Robert Martinson of Monument Home Loans in Arlington, Virginia
  • Ru Toyama of Monument Home Loans in Arlington, Virginia
  • Ryan Howard of Las Vegas, Nevada

Congratulations to this year’s winners. Each receives travel, lodging, and meals for themselves and a guest at the next award ceremony location in addition to a selection of other perks.

Join Mann Mortgage’s award-winning team. See job opening at mannmortgage.com/careers.

Is your house haunted or needing repairs?

The first step in determining whether your house is haunted is trying to debunk what’s happening. Older homes, failing appliances, and living pests are sometimes to blame for odd occurrences. Start by looking into the most common home issues that are mistaken for hauntings.

Easy to debunk

Doors slamming shut
Check for drafts. Try opening and closing a few doors and windows to see whether they create a breeze or pressure that can open your doors. You should also grab a level to check whether your home is off a few degrees. It’s possible gravity is pulling your doors shut. For windows, check to make sure they’re being held open securely.

Knocking on walls
A lot of older homes have plumbing or heating elements that make noise. Pay attention to when the knocking begins – is it right after a toilet is flushed or the heater kicks on? You can also contact an exterminator to look for mice, raccoons, or other animal infestations. They might be responsible for noises as they walk through your home or get stuck in your walls.

Strange smells
If you smell something odd in your house, stop and take a moment to figure out where it’s coming from. As a human, you’ve got a better sense of smell then you likely realize. You can recognize thousands of smells, even when they’re practically imperceivable. Dead rodents, old food, outdoor smell, even scents left by previous homeowners can make their way into your nose. If you smell something odd, pause, breathe deep, and try to follow the scent to its source.

Objects falling from shelves or walls
Like doors slamming shut, this might be due to a breeze. Check for open windows and try closing and opening doors in the room where the object was location to see if it creates airflow that might knock the object down. Vibrations could also be to blame. Do large trucks regularly pass by your house? Sometimes even heavy footsteps can be enough to jolt an object.

Harder to debunk

Dark shadow forms
This one is a little harder to blame on common household problems. If you see an odd shadow, remain calm and investigate where you saw the shape. Perhaps there’s an old water stain on the wall or shadow being cast by a car’s headlights outside.

A weird feeling
Check for carbon monoxide in your home. It’s a colorless and odorless gas produced through burning wood, propane, and other fuels. Being poisoned by it often has symptoms we’d associate with a classic haunted house: headaches, paranoia, a sense of dread, weakness, confusion, and more. Make sure to check your carbon monoxide detectors are working or ask a professional to check for leaks.

Learn more about carbon monoxide and its impact on you: cpsc.gov//carbon-monoxide/carbon-monoxide-fact-sheet

A house in disarray
If you come home or wake up to a house that’s been ransacked – cabinets opened, contents spilled, chairs upturned, install a camera. Your pet or an animal intruder may be causing the mess, but it’s more likely a human doing it. Sleepwalkers or intruders may be to blame and catching them on camera is your best way to know for sure. Set up a camera to see whether you can catch the disruptor.

Next steps

If your house needs improvements more than it needs a ghost hunter, Mann Mortgage may be able to help. Your local loan officer can go over your options for a cash-out refinance or other way to get funds to make needed repairs.

Find your local Mann Mortgage loan officer: mannmortgage.com/find-a-loan-officer/

If you can’t debunk the weird things happening in your home, share your experiences with your roommates or family members. A Newsweek poll shows 45% of Americans believe in ghosts, so you’ve got a good chance they will take your experiences seriously.

Mann Mortgage again named a Top Mortgage Workplace by MPA

Mann Mortgage has again been recognized for its extraordinary work culture, earning a spot on the Mortgage Professionals America (MPA) 2021 Top Mortgage Workplace list. This is the third year in a row the hometown lender has joined the handful of distinguished mortgage companies from around the country.

“Our employees are what make this an incredible place to work. They’re the heart and soul of the Mann family,” says Mann Mortgage’s CEO, Jason Mann. “They are excelling at both helping people in their community find a great mortgage and making Mann Mortgage a healthy and fun workplace.”

To receive the award, Mann Mortgage had to provide MPA compelling data on their compensation, benefits, initiatives, diversity, and workplace culture. In addition, employees were asked to complete an anonymous survey to see how they felt about their opportunities and experience at Mann Mortgage. Only the mortgage workplaces where the company provides great benefits and initiatives and the employees give the culture high-marks will win the award.

“It all comes down to our workplace culture,” says chief strategy officer, Cassidy O’Sullivan, of the win. “Instead of a top-down approach of management talking down to employees, we have an open dialogue. Loan officers can talk directly to upper management. It’s a win-win. Loan officers feel heard and management gets a pulse on what’s going on in the local markets.”

MPA uncovers the absolute best workplaces in mortgage for the annual Top Mortgage Employer report. All companies, from large national mortgage brokerages to local regional agencies, are encouraged to submit their application for the award. Winners are recognized based on the evaluation of metrics including their culture, benefits, employee development, and more – solidifying their standing as a mortgage employer of choice.

Over the past two years, Mann Mortgage has been ranked a best place to work by multiple national and regional organizations including #12 Best Place to Work by Outside magazine, #1 Top Workplace in Montana, a Top Workplace in the USA, a Top Workplace in Oregon, as well as numerous other awards.

For more information about joining the Mann Mortgage team visit our careers page.

Mann Mortgage’s James Hedvall named a 2021 Housing Industry Icon by MPA

MPA’s Housing Industry Icons report celebrates the professions who have moved the industry forward and improved the home-buying and lending processes on every level. For their inaugural year, 21 mortgage professionals and six mortgage technology professionals were given the award.

James Hedvall, chief capital markets officer at Mann Mortgage was one of the distinguished winners. With more than 18 years in the industry, James is a pro. His expertise is in secondary and capital markets and he’s worked across retail, wholesale, as well as correspondent lending – giving him an incredible amount of experience.

With great experience comes great advice. The mortgage industry can potentially be a lucrative career where hard work pays off, and James has some incredible insights on getting started, the future of the industry, and what makes a great place to work.

Getting into the mortgage industry

“The great thing about mortgage banking, in my opinion, is that the barrier to entry is relatively low; hard work and showing up every day gets noticed almost immediately,” he says.

James oversees the secondary marketing, servicing, and product development departments for Mann Mortgage. In this role, he establishes the analytics, strategies, and internal controls which allow the company to compete in an ever-changing mortgage environment

The key to success in the ever-changing industry? “Strive to become an expert in your area, and your career path is limitless,” he says.

Making a successful career

Looking back, James credits two bosses early in his career who took the time to teach him 90% of what he knows of secondary marketing. “I owe them a huge debt of gratitude,” he says.

And now, as a boss himself, James tries to pay-it-forward in his own department. He takes time to teach the “how” as well as the “why” of things they are doing as a department and as a company.

Looking ahead

Over the past 10 years, leveraging technology has allowed the industry to change for the better. From the way borrowers fill out an application, the way mortgage banks process loans, and how they are sold on the secondary market, innovative technology is a main driver. And all indications point toward this being a continuing trend for the next 10 years.

But James cautions not to forget the industry is still a relationship-based transaction on so many levels.
“Borrowers still desire the guidance of loan officers, loan officers still rely on knowing processors, underwriters, and who is funding their files. I doubt we’ll ever move away from that in any meaningful way,”

What makes for a good place to work?
To James, it all boils down to a few simple philosophies: treat everyone well and work with great people.

James saw something special at Mann Mortgage when he chose to join the team, and, years later, he’s still glad to be part of it. “Our president and CEO treats everyone who works here with compassion, respect, and integrity,” he says. “This isn’t a management style or technique, but it’s rather who they are as people. This permeates through our organization.”

He stresses that it’s the people that make coming to work fun most of the time, “I have a great department. It enjoy being a passenger on the pirate ship I helped create, and I look forward to what the future brings for this great company.”

Careers at Mann Mortgage
Mann Mortgage helps qualified borrowers fulfill the dream of home ownership. The company provides a highly personalized service to their customers – from finding the best financing option to answering questions during the loan approval process. Their goal is to make the loan experience as uncomplicated as possible. The company was voted the #12 Best Place to Work in 2020 by Outside magazine, 2021’s #1 Top Workplace in Montana the category of large employers by Lee Enterprises, a 2020 Top Mortgage Workplace by MPA, and many other awards.

Learn more about career opportunities and how to join the Mann Mortgage team.

What happens to my mortgage when I die

What happens to my mortgage when I die?

If you’re one of the 44% of Americans that has a mortgage, you may have wondered what would happen to your loan if you died. Let’s get into the details so you can rest in peace knowing what will take place.

First, a reminder about mortgage insurance
Mortgage insurance is an insurance policy that benefits your lender in case you, the borrower, default on your loan. If you die, and you had no co-signers on your loan to assume the debt or heirs who wish to take it over, your lender would reach out to the mortgage insurance company to make a claim towards recouping the remaining balance on your loan. Your home would also be put into foreclosure.

Now, let’s go over what might happen with your mortgage.

Option 1: Your heirs take over your mortgage
If you die before fully paying back your mortgage, your heirs can assume your mortgage if they choose to. Under federal law, lenders must allow family members the choice of taking over a mortgage when they inherit residential property. The lender can’t investigate whether they can repay the loan. The heir can either keep the loan in your name and pay on your behalf or refinance the loan to have it in their own name.

Option 2: Your estate pays off your mortgage
You can write in your will that other assets in your estate will be sold to pay off your mortgage. If there are enough funds to pay off your mortgage, the home can either be sold and the funds divided among your heirs, or one of your heirs can take over the title of your home.

Option 3: Yours heirs sell the home
If the mortgage payments are too much for your heirs to assume, they can sell the home. If the lender agrees to it, the home can be sold through a short sale. That means the property is sold and the proceeds fall short of the mortgage debt. But after the sale, the lender is satisfied, and your heirs will not owe any additional money.

If a short sale is not possible, the loan will go into foreclosure and the house will be put for sale. Depending on the state where the home is located, your estate or heirs may be responsible for paying further money if the foreclosure sale does not fully satisfy the outstanding loan debt. However, the following states have an anti-deficiency law where this is prohibited: Alaska, Arizona, California, Connecticut, Hawaii, Iowa, Minnesota, Montana, Nevada, New Mexico, North Carolina, Oregon, Washington, and Wisconsin. In those states, your lender cannot sue your heirs for the remaining mortgage debt after the sale of the home.

Option 4: Your reverse mortgage is paid off
A reverse mortgage loan comes due upon the death of the borrower. If you have no other co-borrower that is living, your heirs will have to make sure the loan is paid back. This can be done using money from the estate or by selling the home. If the home is sold, your heirs will inherit whatever equity is left after your lender is repaid.

Option 5: Your Home is Seized to Pay Other Debts
Depending on the state where your home is located, your home may need to be sold to pay your debts after your death. Your heirs may keep what is left after your debts are paid.

If you have any questions about your home loan, reach out to your local Mann Mortgage lender. If you’re nervous about paying off your home loan before you die, they can help you go over the pros and cons of refinancing for a shorter term.

Mann Mortgage wins a Top Workplace award from The Oregonian

For the tenth year, The Oregonian/OregonLive has partnered with Philadelphia-based Energage to rank the Top Workplaces in Oregon and Southwest Washington. The process involves an extensive survey of employees who rate their corporate culture. Only companies with the most positive employee responses on their corporate alignment, engagement, leadership, performance, coaching, and connection are considered a Top Workplace.

Mann Mortgage is proud to have been named the #7 small employer in Oregon and SW Washington

“This is our first year competing for Top Workplace,” says Tara Tucker, Human Resources Manager. “To achieve that recognition for Oregon and Southwest Washington is a huge achievement for us.”

Mann Mortgage was ranked 7th among the 55 small employers (35 to 99 employees in Oregon and/or SW Washington) that earned a spot as a top workplace. Employees in the Oregon and Southwestern Washington offices reported that Mann Mortgage’s family environment, relaxed workplace, work/life balance, and teamwork make it a great place to work.

“I’m proud of the team’s ability to work together and act like team members – nobody has a role more important than another,” says Valerie Smith, loan officer/branch manager at Allied Mortgage in La Grande, OR (a division of Mann Mortgage).

Mann Mortgage’s offices across Oregon and Southwestern Washington provide home financing to people in their communities. Their ties with the communities they’re in run deep.

“Our whole team is very passionate about making sure other people in our community are taken care of,” says Liz Olheiser, office manager at Mann Mortgage in Redmond, OR. Our branch manager made an awesome program where once a quarter we donate to two different nonprofits in the three counties we have branches in. So it’s six nonprofits each quarter. What truly makes Mann Mortgage the best place to work is the team and family atmosphere.”

Mann Mortgage was recently named a national Top Workplace of 2021 by Energage, one of the 10 Best Financial Lenders of 2021 by Industry Era, a Top Workplace by Mortgage Professionals America, and the #12 Best Place to Work by Outside Magazine.

“This award is really meaningful because it’s our employees in Oregon and Washington that helped us earn it. They’re working with thousands of people in our communities buy, build, and refinance homes – and they’re having fun doing it!” says Jason Mann, CEO of Mann Mortgage. “Our culture is all about working together to help more Americans own homes. Everyone at Mann is valued for their contribution towards our goal. And it’s really rewarding to keep being recognized for how well we’re doing it.”

Mann Mortgage is hiring

Join Mann’s award-winning team. We’re hiring in Oregon, Washington, and all across the U.S. Visit our career page to learn more.

How long will parts of your home last?

It’s just a matter of time before everything breaks down. But being aware of how long you can expect your household items to last will allow you to plan for repairs and replacements. Luckily, we don’t have to guess. The folks over at International Association of Home Inspectors have done the research for us. They have a very comprehensive list, and we’ll go over the highlights below.

Oven
Gas range: 15 to 17 years
Electric range: 13 to 15 years

In addition to lasting longer, gas ranges are three times more energy efficient than electric. Some consumers don’t appreciate they’re run off fossil fuel, though it’s less than 3% of household natural gas use in the U.S.

Refrigerator
9 to 13 years

A quality fridge can last up to 20 years, but generally people find they start seeing signs of wear around 10 years. See the nine most obvious signs you’ll need a new fridge.

Dishwasher
9 years

Some brands claim their units last up to 20 years. Regardless of the brand, to get the most life out of your dishwasher you need to clean it. Wash the filter, remove trapped bits of food, use a dishwasher cleaner, or just run the clean cycle regularly.

Sliding glass patio door
20 years

They let in lots of sunshine, bring the outdoors in, and they’re a staple in modern home designs. Sliding glass patio doors, with their floor to ceiling windows, are beautiful additions to a home. Find out how to keep yours securely locked with these tips.

Carpeting
8 to 10 years

Consider yourself lucky if your carpet lasts more than a decade. One of the first signs it’s time to update your flooring is that it begins to matte down in high traffic areas. There’s not much you can do to fix it once that happens. Before it mattes down, follow these tips to keep it looking as good as possible.

Wood flooring
100+ years

Every 5 to 10 years, you’ll have to re-coat or fully refinish your floors to keep them looking beautiful. Beyond that, the floors will last longer than your lifetime. If you need tips on finding the hardest and most durable wood floors, check out this helpful post.

Vinyl flooring
25 years

Vinyl flooring is having a real revival. It’s easier to install and more affordable than wood or tile. There are plenty of designs to choose from: wood, metal, or concrete styles. For a bold look, retro-patterned vinyl flooring can look incredible. See some fun retro kitchen ideas you could create using vinyl flooring.

Garage doors
25 years

How long yours will last depends largely on how often it’s used. After 10,000 open/close cycles (that’s four times daily for 6-7 years) you’ll want to replace your springs. Beyond that, your door’s lifespan is based on its quality, the climate, and how well it’s maintained.

Detectors
Carbon monoxide: 5 years
Smoke/heat: less than 10 years

Make sure you change the battery every year, but the units themselves have a slightly longer lifespan. If your detector is beeping, address it right away. Each beep pattern means something a little different. Find out what they mean here.

Toilets
Toilet: 100+ years

Tank components: 5 With good care, toilets will last as long as your house. But if you’ve got a toilet manufactured prior to 1980, you might want to get a newer unit. They use 5 to 8 gallons per flush. A newer unit built after 1992 uses only 1.6 gallons per flush – a savings of 9.1 gallons per day per toilet.

With interest rates staying low, now is a great time for a renovation loan to update items that are starting to show their age. Find out more about renovation loans and how much the most common renovations cost.

Housing market update: August 2021

Home prices went down this month nationwide with the median price of $361,800 ($12,600 less than in May). Overall 676,000 houses were sold and 353,000 new homes are available (source). See below for more home and mortgage stats from June 2021.

How much does it cost to buy a house?
It’s incredibly hard to find any homes listed under $150,000. In fact, there are three times more $750,000+ houses available than homes priced $150,000 – $199,000. Home prices vary greatly by region, but nationally, home prices since last June have increased (8.62%).

Source: https://www.census.gov/construction/nrs/pdf/newressales.pdf

How long are houses staying on the market?
June 2021 had an average of 14 days on the market – the lowest it’s been all year. If we figure each house spends 10-ish days in inspection, appraisal, and completing contingencies, that means a house was on the market an average of four days before it moved to pending.

The number of days between when a home was listed on the market until the seller signed a contract for the sale of the property.
Source: https://www.redfin.com/us-housing-market#overview


How long it takes to close a home loan
If we just look at purchase loans, it took Mann Mortgage an average of 43 days to close a loan. That’s 6 days faster than the national average of 49. Overall, loans are taking a little longer to close than they did in June 2020.

This is the time it takes from the loan application to its funding.
Source: https://www.icemortgagetechnology.com/mortgage-data/origination-insight-reports

Interest rate on a mortgage
It’s not as low as it was a few months ago, but interest rates continue to be historically low. August 1 saw an average of 2.77% on a 30-year fixed loan, which is still incredibly low.

Source: http://www.freddiemac.com/pmms/

Homes under construction
In June, 111,100 privately-owned housing unit permits were issued. That’s the highest it’s been in the past 12 months. One-unit houses are still the most popular with 5+ unit houses still representing a large portion of new builds.

Source: https://www.census.gov/construction/nrc/pdf/newresconst.pdf
Source: https://www.census.gov/construction/nrc/pdf/newresconst.pdf

If you have any questions about the market or wonder what your interest rate might be, reach out to your local Mann Mortgage lender. They can give you the scoop on your local market and what you can do to pay off your mortgage faster, reduce your interest rate, or find a new home for your next step in life.

6 things you shouldn’t do when you’re pre-approved for a mortgage

Just because you’re pre-approved for a loan doesn’t mean you’re guaranteed to get final approval on your loan. When your offer has been accepted and it’s time to begin closing on your loan, your mortgage lender is going to take another detailed look at your credit history, assets, income, and FICO score. You want to make sure you look just as good as you did the day you got pre-approved. How can you do that?  

  1. Don’t miss payments

They’re going to see whether you’ve been late or missed any payments on your credit cards or loans since you were pre-approved. Just one 30-day late payment can negatively impact your credit report by many points. Make sure you have all your medical bills, parking tickets, and utility bills up-to-date and paid too! 

2. Don’t apply for new credit

Applying for new credit will lower your credit score and, if you’re approved, increase your debt-to-income ratio – a key factor lenders consider when you apply for a mortgage. These changes could affect the terms of your loan or get it denied altogether.

3. Don’t change jobs

This might be out of your control, but it’s best to stay with the job you had when you had your loan pre-approval. Switching jobs could signal a change in income, which may impact the amount you’re approved to borrow.

4. Don’t make any large purchases

You might be tempted to start shopping for furniture or appliances for your new home, but you shouldn’t do it. If you put the charges on your credit card, your debt-to-income ratio will change. And if you pay cash, you’ll have less money for a down payment or as an asset. Hold off on any large purchases until you’ve closed on your new home!

5. Don’t make big deposits

Any big cash deposits into one of your accounts prior to your mortgage closing looks fishy to an underwriter. They’re trained to spot evidence of borrowers needing to be gifted money for their mortgage – a clear sign the borrower may default. If it’s inevitable that you’ll have a deposit over $1,000, expect to be able to show the origin of the funds to your mortgage company. Transferring money between your accounts is generally fine.

6. Don’t refinance your loans

Don’t refinance your loans for a lower rate until after your home loan has closed. Refinancing is considered taking out a new line of credit, which isn’t good for someone looking for a mortgage. An established loan you’ve been making regular payments on looks better to mortgage underwriters than a new lower-interest loan you haven’t made many payments on yet.

What SHOULD you do?

Talk to your mortgage expert if you have any question on your current credit score or how your actions will affect your pre-approval. Your local Mann Mortgage branch is dedicated to making your experience both personalized and hassle-free.

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