Skip to main content

Mortgage Application - Balance Transfers

I had a sudden job opportunity in my old town and I'm interested in buying a house. I have enough for my down payment in my savings account, but two weeks ago, I had used one of those Balance Transfer checks and deposited a large sum of money to consolidate my wife's credit cards. She is disabled from an incident 9 years ago and has carried her own debt so I've been chipping away at it.

Even though I'm taking on her debt, my DTI will still be good and I have the down payment in my savings account. But I'm assuming cashing a large balance transfer check will reflect negatively on my loan based on some of the horror stories I've read here. I had intended to get a mortgage without her as co-borrower since she doesn't work and has her old debts.

My question is whether or not I will need to explain a large deposit and payout to other credit cards if none of that money will be used in for the deposit and closing costs? I had read someone mention the LO being able to "back out that deposit" since it isn't needed for any of my costs for the mortgage.

submitted by /u/Organic_Art2455
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/noxrm1/mortgage_application_balance_transfers/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Looking for Prospective Opportunities to Utilize Floor Plan Redraw Skills

"Hey HomeOwners & Investors , I have a team of 10 professionals who are trained in redrawing/redesign floor plans in both 2D and 3D interior& exterior using floorplanner.com/3ds Max and TruView point cloud. We're looking for prospective opportunities to utilize our skills. Are there any companies or individuals in need of accurate floor plans and measurement reports ? Any suggestions for where to start looking? Thanks in advance for your help!" submitted by /u/mangojuicelife [link] [comments] source https://www.reddit.com/r/RealEstate/comments/119uoh0/looking_for_prospective_opportunities_to_utilize/
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more