Just an FYI, do not get married, buy a car, or do anything major while trying to get a home loa

I don't think that people know that moving money around accounts is not always a good thing. In this electronic age I know as fact many people have more then one bank account, it is not unusual to deposit your pay and then move a portion to a savings or another account. In fact I have always been very steadfast about having a debit account with a very small amount available in the off chance that the gas station I used, or some small purchase someplace becomes compromised. I certainty would not want all my resources exposed.

The question that I have is... how does this work in regards to your children's college checking accounts? For example my son has a college check account through the bank that is attached to my main checking account. Is that considered in the event that I wanted to get a home equity? For all practical purposes it is his account, but in order to open a checking account with a good rate it was necesary (since he was a minor) that it be attached to my account. If I were to close his account, or have him change it how far back in time does that have to be before it is no longer relevant?

 

Excellent advice I enjoy this site immensely because good people like you offering help from personal experiences and very qualified I might add.

 

And this is why you were exactly the type of mortgage broker that I would refer my family members to because I would give somewhat the same advice only to watch them walk away in disappointment when thyey didn't get approved. It's about really having an understanding of your finances and going one big purchase at a time. There are so many individuals who think they should make a million purchases especially when they get their taxes.

Great advice

 

This is great advice. I have a friend who was looking to buy a house and planned to rent it out. He ended up changing his job from one company to another right in the middle of the process. It disrupted the whole process and he had to wait even longer.

 

This might be one of the only valid reasons for a big chance in the middle of the loan process. When a great job opportunity comes by, you should take it won't be there a couple months later and it could be a very very long time before another similar opportunity comes up.

 

I initially thought the author thought you should never get married, buy a car or buy a house as sound investment advice. In most cases all three of those things make poor investments from a financial perspective. Even so, these are some things which you kind of have to do just to live life. Obviously all three of these things will change your financial status so it will make it more difficult for the loan officer to evaluate you and will delay the loan.

 

I wouldn't say that buying a house is a poor investment. If you are young (say, under 40) then it really does make sense to buy and pay off the mortgage rather than planning on paying rent to someone else for the next 50 years or so. Definitely agreed about marriage and cars though, those things usually end up costing you.