Cheryl K: Hi everybody, and welcome to a new week of the Cheryl and Clay show.
Clay J: Hello.
Cheryl K: We’re so excited to be back. As a followup to what we talked about last week with why do you want to get your buyer pre-approved to help them to be more competitive and have a better chance of winning that offer, even in a multiple offer situation. We decided to take it a little bit further and talk about the dos of what you want to encourage your clients to continue doing during that mortgage process. So here to make that amazing disclosure.
Clay J: Yeah. This is the thou shalts and not the thou shalt nots.
Cheryl K: Exactly.
Clay J: So yes. So on this, one of the things that we say is the biggest thing is discussing all financial decisions when you’re in the mortgage process with your loan officer. Say, “Hey, here’s what I’m doing. Here’s what we’re considering.” And not just thinking it will be okay because that’s one of the biggest challenges.
Cheryl K: We don’t want to assume things.
Clay J: So yes, discuss it, all financial things. Also, make sure you disclose all your income. We’ve learned that a lot of folks are doing something self-employed on the side, they’re doing some daycare, whatever. Disclose all those incomes. And then the other part is to make sure you document all your large deposits. If there are any large deposits going into your account, make sure those are documented because they’re going to be asking questions where that came from. And so don’t get ashamed or anything like that, just kind of disclose it, and we’ll be able to look at that, and analyze it and determine what’s best.
Clay J: The other thing is just to make sure you’re paying all your payments on time. Kind of goes without saying, but sometimes when people are in the middle of a big decision they kind of let other things lapse, so pay your mortgage, pay your credit cards, your auto loans, your student loans, personal loans, all that good stuff. Really important to make sure we continue to do those things.
Cheryl K: Fantastic. All right everybody, we’ll see you for the next episode.
Clay J: See ya.