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As printed in the OC Register / Saddleback Valley NewsWritten by Jim E. Flynn, Century 21 Beachside Realtors, Lake Mission Viejo
July 23, 2010
New Credit Charges Can Cause Problems
During EscrowQ. Jim, after a long wait, we are in escrow and should be closing soon with our Fannie Mae Lender My wife wants to take advantage of good deal on a used car, which we really could use sale now, so we will be more mobile when we close escrow and move in. I think we should wait. What are your suggestions?
- Bob and Sue, Mission Viejo.A. Getting a savings on needed 2nd car before you actually close could be costly. Why? New charges on your credit report could trigger changes by the underwriter/ etc. and your rate lock in period and the entire escrow closing. As you may know, Fannie Mae has a new process that involves initiative requesting pre-funding that took place in June. Fannie Mae wants all loans to comply with a pre-funding credit check. So you can understand that the purpose is to ensure that all debts are properly disclosed and account for when the mortgage funds. So Fannie Mae will ask for a second credit report to be obtained by your chosen lender, before they proceed to do the final funding to see if there are any new accounts, higher account balances, or inquiries that may lead to a new debt. Any new credit charges, or purchases can result in problems. If you have cash ,not credit card charges, to purchase that good deal used car now be very sure that by spending the money it will not deplete your reserved dollars for closing funds. Remember to, that from the time your lender obtains a credit report as part of your pre-approval until your escrow closes could be as long as 90 days before you actually really get pre-approved. So, any changes in your to your credit profile during that critical time can result in a lot of frustration and further time investigation that could delay or blow your escrow. There are always good deals on used cars and more searching later will be well worth the wait.
Review Your Individual Needs and Budget
With Your RealtorQ. Jim we are very interested in buying only in what we consider to be the upscale Irvine area where we currently rent. Our Realtor has suggested we also look in Lake Forest and Mission Viejo. Are there any real good reasons we should consider these other two cities.
- Natasha and Frank, IrvineA. Your question is one my Broker Partner Mike and I deal with quite often. Our answers are based on your individual needs and profile. We recently had clients that wanted to live in Irvine only because their friends lived there and they wanted their two children to be in the Irvine schools system with their friends children. Irvine is a very nice community with a very good school system and does perhaps have some unique features for individual needs. The trade-off is that prices are generally more expensive than in Lake Forest or Mission Viejo which is about 12 to 15 freeway minutes away. Mike, recently brought other “Irvine Only” clients to Mission Viejo and had lunch at one of the nicer view restaurants here on Lake Mission Viejo to just preview lake communities and golf course communities. After review the pricing , School reports, etc., the clients now believe that for their budget and individual needs, they will switch to either of these communities. So, be sure to review your individual needs and budget with your qualified Realtor and you can then decide what community to aggressively search for your new property once you are pre-qualified with a lender.
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Jim
Jim E. Flynn
CalBRE license #: 01215480
Phone: (949) 463-0739