+1 vote
I am trying to get a loan approved to close on a house.  I have some debt that I'd like to pay off and one loan officer even suggested that I do that.

I have a fair amount of stock I can sell to help pay it off. However I've heard that there are certain things we should NOT do when trying to get that formal approval, like transfer large sums of money between accounts...is this true? I want to do everything I can to speed this along and get it approved!
asked Feb 15, 2018 in General Financing by anonymous

1 Answer

0 votes
Go for it. Paying down credit cards will boost credit scores up.  Once your scores are up, your loan officer can repull credit and  use higher credit scores to price out your rates and lock it then.  You will need the source of the funds from sale of stocks and updated bank statements showing transfer.

Gustan Cho NMLS 873293
Gustan Cho Associates
Branch Manager
USA MORTGAGE NMLS 227262
The Gustan Cho Team at USA MORTGAGE
A Division of DAS ACQUISITION COMPANY NMLS 227262
www.gustancho.com
gcho@gustancho.com
answered Feb 15, 2018 by GustanCho (106,540 points)

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