Articles
Important Credit Reminder for your Clients
by Maria John Senior Mortgage ExecutiveAs you may have heard, MA will once again be having a tax free holiday August 29/30. This means on all purchases, the sales tax will be waived! This is great especially for large purchases, like, maybe a car, or say, furniture for a new home-BUT-that’s where there could be a problem!
If you have clients with loans in process you do not want them to do anything that could impact their credit score or increase their debt to income ratio by using existing credit cards or opening new credit cards to make large purchases.
If your clients must make a purchase or want to take advantage of the tax free holiday before their closing, here are some alternatives:
Use a debit card or pay cash
Have another person put it on their credit card (as long as it is not linked to client’s SS number) and set up a repayment plan.
Be sure to have this conversation with your purchase clients before Aug. 29th.
In other credit news-from April 2020 through April 2021 everyone can check their credit report weekly, for free, at www.annualcreditreport.com. Due to COVID-19 related scams, the three credit reporting agencies (Experian, Equifax, TransUnion) agreed it was important to allow consumers to check their credit reports regularly for getting best credit score for mortgage loan. Please note, checking your own credit report regularly will not impact your credit score.
If your clients have any questions, or need a pre-approval, have them give us a call or click Fairway Independent Mortgage Corp!
Ref.Source: https://www.fairway-newengland.com/blogs/important-credit-reminder-for-your-clients
If you have clients with loans in process you do not want them to do anything that could impact their credit score or increase their debt to income ratio by using existing credit cards or opening new credit cards to make large purchases.
If your clients must make a purchase or want to take advantage of the tax free holiday before their closing, here are some alternatives:
Use a debit card or pay cash
Have another person put it on their credit card (as long as it is not linked to client’s SS number) and set up a repayment plan.
Be sure to have this conversation with your purchase clients before Aug. 29th.
In other credit news-from April 2020 through April 2021 everyone can check their credit report weekly, for free, at www.annualcreditreport.com. Due to COVID-19 related scams, the three credit reporting agencies (Experian, Equifax, TransUnion) agreed it was important to allow consumers to check their credit reports regularly for getting best credit score for mortgage loan. Please note, checking your own credit report regularly will not impact your credit score.
If your clients have any questions, or need a pre-approval, have them give us a call or click Fairway Independent Mortgage Corp!
Ref.Source: https://www.fairway-newengland.com/blogs/important-credit-reminder-for-your-clients
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About Maria John 
Senior Mortgage Executive
8 connections, 0 recommendations, 43 honor points.Joined APSense since, November 21st, 2019, From Madison, United States.
Created on Sep 23rd 2020 03:02. Viewed 173 times.
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