Top 10 Things TO NOT DO During a Loan Transaction

Caeli Ridge recorded this episode on 6/20/2023

Caeli details Ridge Lending Group's list of the Top 10 Things TO NOT DO during a loan transaction. This list shows some easy mistakes that can be made to delay or even make you unqualified during the loan transaction. Some may be obvious to you, while others you may have never thought of. All are important. Communication with your loan team is key throughout the process. Tune in to hear Caeli's insight and expertise on the list. 

Check out the list on our website here ! https://ridgelendinggroup.com/top-10-things-not-to-do-during-a-loan-transaction/

Check out the video with the screen share and the documentation in the Community.

You can join these live each week by following this link to join the call:
https://community.ridgelendinggroup.com/events/live-with-caeli-each-tuesday-beginning-at-430-pm-et/list

As always, give Ridge Lending Group a call if you have any questions at 
855-747-4343 or email us at info@RidgeLendingGroup.com

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Transcript

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Karlie Libby: Hello, and welcome everyone to calling all real estate investors. we are here every Tuesday at 1 30 Pm. Pacific time for 30 Pm. Eastern time, and for a live event with Caeli Ridge from Ridge lending group.

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Karlie Libby: Please utilize the chat feature in here. You can put all your questions throughout the call in the chat, and we will get to those as soon as we are able to. You can also use the raise your hand feature that will allow us to see that you have a question, and we can call upon you when we are able to.

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Karlie Libby: So Just a reminder. We love your participation in these calls so as always, please use those features chime in when you have something to say that it pertains to what Caeli is talking about. we love that participation.

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Karlie Libby: And today Caeli is going to be going through the list of ridge lending groups top 10 things not to do during a loan transaction, so should we, breaking them down a little bit elaborating on them more. And at the end of this call. An email will be going out to everyone here and everyone that we work with.

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Karlie Libby: with that list. So no need to feel like you need to jot them down as we go. That list is gonna be sent to you. so it'll be an easy place for you to find it as well as it'll always be available on our website under articles.

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Karlie Libby: All right, Caeli.

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CAELI RIDGE: Thank you, Miss Carly, absolutely on to you. Okay, I appreciate it. So it looks like we might be a little bit light in in participants today. But this will be great for recording, and and they'll have it. You guys will be able to to access it on all of our streaming resources. so check that out, Carly, could you do me a favor? Do we have the graphics somewhere that you can pull up and share screen with, just so that people can follow along. I didn't grab that. They no worries. Let me get that going.

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CAELI RIDGE: Thank you. Hey? Gang! It looks like we're a very intimate group today. Hi, Matt, Hi, you! This good to see you guys. Carly was. Just you came in a few seconds later. She was just sharing what we're doing today. We're going to be talking about the do not do list

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CAELI RIDGE: for financing all the things that you shouldn't be doing.

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CAELI RIDGE: when you get into securing your your loans for your investment properties, actually, any mortgage loan. This would apply to not just

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CAELI RIDGE: rental properties. And so Carly is going to share that image so that we'll go through them. The top 10 things not to do when securing mortgage, related finance, and then next week, by the way, next Tuesday is going to be the flip to that coin. We're going to be talking about the top 10 things we want you to be doing when you're getting into financing and real estate

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CAELI RIDGE: mortgage loan before I get into that real quickly, I just want to give you guys a quick heads up for those of you that joined a few seconds late we are gonna be blasting out our newsletter. We're starting that again. Effective today or tomorrow, Carly, it's gonna be tomorrow. Yes, tomorrow. Okay, so you'll see our our monthly newsletter that's gonna be coming back more regularly. Well, monthly as regularly applies.

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CAELI RIDGE: And it's starting this month. So you're gonna see what I have to say about the Feds meeting last week. I won't give too much away except to say we are starting to see some improvements from last week's Fed fund

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CAELI RIDGE: rate. Pause. They're calling it while some people are calling it a skip Jerome Powell. It was voted on unanimously by the committee that they are not going to increase the Fed Fund rate this month. A lot of people anticipate. It's going to happen next month. I said I wasn't going to give anything away, didn't I? And you're going to be reading about this tomorrow?

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CAELI RIDGE: But as a result, I want to share with you guys that we're starting to see as of today. Really, yesterday the markets were closed for June Juneteenth. And

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CAELI RIDGE: so today we started to see a little bit of that kind of trickle down effect, and the improvements that I expect might continue for the next day's weeks. We'll see and by improvement I would I would just share with you guys. It's not light and anybody's hair on fire. It's pretty modest right now, but we'll see what happens in the next couple of days. It might be a quarter. It might be a 3 8. It might end up being a half. I don't know we're gonna have to keep an eye on it.

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CAELI RIDGE: anyway. Check out the newsletter tomorrow. there's some really good content in there and some other things that little surprises that you guys will, you guys will find

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CAELI RIDGE: Okay? So I'm gonna keep it to sync. Today, I'm a little bit pressed for time. So instead of me prattling on about different things, I'm just gonna kind of go one by one. And what you're looking at here these are the don't the top 10 things we don't want you to do when you're getting ready to secure your financing for your investment transactions. Take them one by one number one.

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CAELI RIDGE: Don't make large non payroll deposits without checking with your loan originator. Now let me let me pause really quickly, and preface by saying a lot of these may seem like common sense, and many of you may already know or be familiar with some of this stuff. But in addition to kind of going through them. I'm also gonna be sharing with you guys

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CAELI RIDGE: the why behind some of this? Because even if it's common sense, and even if you know some of these things just instinctively already. You probably don't know why it's this way. So number one, we don't want you making any large non payroll deposits in your checking accounts. Now, specifically, the checking accounts or savings accounts that you have submitted to us

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CAELI RIDGE: as use for what your down payment is going to be, or your reserve requirement, if it's some other account that you're not giving us for our purposes of financing, obviously do whatever you want. But if these are going to be accounts that we are going to be using to satisfy conditions that show again your down payment and your reserve requirement, it's going to be really important not to show those large non payroll deposits. And by really important, I think it depends on your circumstances. But let me explain the why behind this

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CAELI RIDGE: any large deposit that we find in an account that you have supplied us. And remember, if you give us the the bank statement today. Okay, the twentieth of June. and we're not closing until August. We're going to continue to need updated statements. As time goes on, we need to make sure that the monies that are being

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CAELI RIDGE: used for whatever the condition is down, payment reserves is still viable. So it's not like you. Just give us the one, and we're not going to require the the following months. That may be coming up. So if we see a large deposit as defined by anything over 50% or greater of your income.

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CAELI RIDGE: So if you make $10,000 a month, for example or that's what we've shown as your income is. And we see a large non payroll deposit for 5,000. We're gonna come back and question that and say, Hey, John, where did this come from? Now, as long as you can show the paper trail that shows it originated with you.

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CAELI RIDGE: then, acceptably, we can take that and use it for party or down payment or party reserves, as it were, whatever the case may be. But if I can't show it, it originated with you, let's say the the silly example that I give, great Aunt Alice said. Here you go, Tim, here's $50,000. Go on a vacation. take your honeymoon, invest in real estate, whatever it may be, that large deposit will be backed out of whatever the balances at that point in time

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CAELI RIDGE: to then be the difference be used for underwriting, criteria, or qualification. You cannot use anything that isn't considered sourced and seasoned. So that's the reason for not wanting to. And let's say it doesn't matter.

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CAELI RIDGE: Okay, let's say that you have a large deposit in there, and it's such that the balance, even without it, is still more than enough. oftentimes we're still going to make you source and season it right? We want to know what those where those funds came from. So it just becomes either an issue with qualification.

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CAELI RIDGE: and or it could be kind of a a logistical paper pushing nightmare. Nobody wants to have to to supply more documentation or more proof of funds than we already require. So just keep in mind, and just as a reminder for those of you that came in a little bit late. If you have questions, please put them in the in the chat. You can raise your hand. I'm happy to take a pause and answer those you know how much we like the the collaborative work together. Okay, number 2

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CAELI RIDGE: don't open a different bank account for similar reasons to number one. We don't want to have to go back and forth and try and pay for trail. All of what has happened from when we started to. When we're getting ready to close, it becomes cumbersome. It can delay your closing. You guys are going to get irritated. It's more work on our end.

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CAELI RIDGE: So unless we had pre planned this in advance, and we knew about it. And you had that communication communication on most of these bullet points is going to be key. If we know what's going on. We can give you the advice in advance of you making a wrong move, and maybe the wrong move is necessary. But at least we'll show you the path of least resistance, and how to to keep it from being too overwhelming or too burdensome.

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CAELI RIDGE: okay, so

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CAELI RIDGE: don't open any different bank accounts unless we know about it in advance, and we prepare you for what to do, similar to the paper trail that we would have to use on Number one if we were to see large non payroll deposits. If it's a payroll deposit. By the way, obviously, it's perfectly acceptable. Right? That's your your income.

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CAELI RIDGE: okay, number 3. Please don't team change jobs again unless you've communicated with us. Now, if this is a necessary means fine. But we need to know about it. Because we're going to be doing written verifications of employment. Right? We're gonna we're gonna need to make sure that the income that we're using. Let's say you get commissions

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CAELI RIDGE: or bonus kind of income, or written verification of of of employment is going to be required. If we were to submit that. And you guys might. Well, maybe you're surprised. Maybe you're not surprised.

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CAELI RIDGE: But if you we have clients that have changed their jobs midstream of getting a loan and not mentioned it to us, and we send out the request for written verification of employment, or just to prove that the individual is employed and come to find out they're not working there anymore. that's first and foremost a red flag and underwriting. But also it. It's gonna create a lot of uncertainty, and then a lot more work on your side and our our side. So if you're going to be changing jobs, so you know, you're going to be changing jobs perfectly fine.

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CAELI RIDGE: Let us know in advance, and we'll tell you what we need ideally. That's not the case. Okay, but knowing in advance will help us give you the appropriate

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CAELI RIDGE: advice on how to manage and maintain going forward. We will ask, for, for example, if you did change jobs, the offer letter

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CAELI RIDGE: the terms, the the pay, sometimes depending on your circumstances. We would have to wait a full 30 days after you started a new job so that we can see at least a full month's worth of pay, stubs of income that you're receiving sometimes, again depending on the circumstances. Just the offer letter that might spell out the terms of employment and the new rate of of pay isn't enough. Sometimes we're going to actually need the pay stubs. So again, it can cause delays and and things that I've already described. So that's number 3.

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CAELI RIDGE: number 4. Don't take any unpaid time off. Now this is gonna be subjective if you can afford to take an unpaid time off, and it won't affect your debt to income ratio in a negative manner to which you're no longer qualified.

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CAELI RIDGE: Then, again, fine the key. And I'm going to continue to repeat, this is communication, making sure that you're communicating with us what your plans are. And when you think about it from a lending perspective. Okay, put put on a lending hat for a second, and let's say that you're gonna lend me a hundred $1,000 to buy this property

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CAELI RIDGE: right? I need to. You need to know that I am a solid bet in terms of repayment of this loan, and as such you probably, if you've never done this before, you're probably going to want to follow some kind of of metric, and probably an already established metric in conventional underwriting guidelines. To make sure that that I repay the debt, in which case you're going to want to know debt to income ratio, the credit, the assets, all the things that you guys know that we require

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CAELI RIDGE: to qualify you for that mortgage loan If, in doing so, you find out that the income that I said that I made is less and my debt to income ratio is now over the threshold that the expectation of the guideline requires or allows for.

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CAELI RIDGE: Then what happens? You're no longer qualified, and we have to make adjustments to extend the closed date. Or maybe we have to switch gears and look at another loan product that doesn't require a debt to income ratio calculation. When the rates in terms of that new product are going to be less attractive. So it it can make a a fairly substantial impact. if you don't know in advance what it means. You have to be talking to us about it.

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CAELI RIDGE: okay, number 4.

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CAELI RIDGE: Don't spend money that you have set aside her closing. That's a pretty obvious one. Right?

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CAELI RIDGE: and this we've seen. This, let's say, in an example where you had $50,000 that you had source and seasoned, and that was more than enough to qualify for the down payment and the reserve requirement, or whatever it may be. And then you went and spent 10,000 of it to help out a friend on a a

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CAELI RIDGE: rehab that they're doing, or whatever it doesn't even matter. You just 10,000 is now gone. But you you said you thought in your mind it was okay. I can spend this $10,000 because I'm going to be able to get 10,000 from my uncle. He's going to let me borrow $10,000. Well, borrowed funds on an investment property transaction are not allowed. So that would kind of go back to Number one, where a large non payroll deposit. If that were the case, if it was over 50% of your income

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CAELI RIDGE: or to show up in the accounts that we're using for your qualifications. then you no longer qualify right. If you don't have the funds. Then you're gonna have to wait 60 days for that large deposit to season before you can close

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CAELI RIDGE: causing again delays. But what happens if if we're trying this. This happened, and the delay was such that the seller said, No, sorry I'm not gonna wait. You're out of contract. I'm gonna keep your earnest money, so you're out a thousand bucks, 5,000 bucks. Whatever the earnest money was, you're out the time and the energy. You're out. The appraisal fee, probably at this point.

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CAELI RIDGE: So there! There's a lot more to it than just delaying a closing. It could end up being quite costly. If you don't understand some of the why behind the how of what we're talking about here. okay. Number 6.

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CAELI RIDGE: Don't use credit cards excessively. Let your accounts fall behind or increase credit limits. So

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CAELI RIDGE: I started by saying, all of this sounds kind of obvious, right. But the why behind this would mean that in the event. and just a quick reminder. Credit reports conventionally are good for 120 days before a new one is required.

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CAELI RIDGE: So if we were to find ourselves in a place where another report credit, report needed to be pulled.

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CAELI RIDGE: and in the meantime, from when we pulled it the first time to when we pulled a new one. Your

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CAELI RIDGE: ratio, your limit credit card limit to how to balance your credit card limit to the balance. is over a certain threshold for optimization in scoring, and we re- pull it. And your 7 60 credit score drop below 700.

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CAELI RIDGE: That's gonna be pretty impactful to you. Right? It's gonna maybe you don't qualify anymore. It depends on where you are in the line up of how many finance properties you have for the product, the loan product that we're trying to get a loan from. Maybe the interest rate goes up by a half a point because of that. And now the property doesn't cash flow anymore.

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CAELI RIDGE: those are all scenarios that we have seen, and that would be clearly damaging to the success of the investment.

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CAELI RIDGE: you don't want to let your accounts fall behind right? We don't want to see any late, because that could impact score and interest rates at the same way. increase credit limits.

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CAELI RIDGE: I don't know if I agree with that one. I think that to increase the limit probably won't hurt you as long as you're not charging up more. I think that to increase it, if you keep the balance the same as it was before, that actually might work to your advantage, and that utilization. That's the term I was struggling for finding a second ago. So utilization within your credit cards, the high credit limit to what you owe the lower the better for credit scoring? So I think that increasing the credit limit might actually be a do if

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CAELI RIDGE: the balance remains the same or less, so that might be something that I'll I'll add to next week as a do if we're trying to keep credit scores. Optimal.

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CAELI RIDGE: number 7 don't apply for any new credit accounts. Now, this one is important, because this can at the very end of a loan transaction. Many of you probably aren't aware of this. we pull a final. It's a internal

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CAELI RIDGE: report.

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CAELI RIDGE: that is, it's a nationwide database, etc., that will allow us to see if any new debt has been secured by our borrower, by you. The individual, and it'll show increase, credit, card or other kinds of inquiries had been applied for. And even if it's just an inquiry, we're going to see that, and we're going to come back to you, and it can happen at the eleventh hour and say, Hey.

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CAELI RIDGE: Stephanie, did you apply for a new credit? Did you secure a new debt? What is the payment on that. so it's extra hoop jumping at the very least. And or if you did apply for any new credit accounts, and it did create a New Monthly liability. Guess what?

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CAELI RIDGE: We have to add that in and recalculate debt to income ratio and make sure that you're still viable and qualified.

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CAELI RIDGE: I honestly, I can't tell you how many times. And it's just it's

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CAELI RIDGE: because you guys aren't in the space and living it and breathing it. It's not that obvious thing. It happens all the time where we could be, you know, a week to closing, and this happens a height debt to income ratio to start with.

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CAELI RIDGE: and Jane Cosine for her son, for a car, a $300 a month payment didn't even think twice about it now. Her debt to income ratio is in excess of the the Max.

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CAELI RIDGE: and she can't get this loan. She's got to get a cosigner she's got to bring more money down. She's got to buy the interest rate down and if all else fails, maybe we look at debt service coverage ratio for her. Maybe that's an option. but all of those things clearly, you can see, are not going to be the ideal, and you want to avoid those at all costs. Okay.

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CAELI RIDGE: I think that 7 and 8.

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CAELI RIDGE: I should have read this before I got on today. Guys, I'm I'm wing it. Don't take on 90 new debts in a new car furniture. Same thing. I mean it, I think I answered both. So

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CAELI RIDGE: they're they're 2 different things. So don't apply for any credit accounts because we're gonna question it, and it could delay things because you're gonna have to write letters of explanation that yes, I had a credit inquiry for this purpose. But no, I did not secure any new debt unless you check with us first. Maybe you've got all kinds of room in which to do that, and it's not a problem at all. you've got this great opportunity to to get this line of credit or

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CAELI RIDGE: this interest rate on this new car that you want is really really low, and and whatever or maybe you need to your your old car, you've got to turn it back in. It's on a lease, and you've got to do it. You you gotta get a car. So you're gonna do get a new lease on a new car. Just make sure we have the conversation, and that we know what the old payment was going to be with what the new payment is going to be, so that we can plug that in there. if it's any more, if it's even a dollar more than what it was before you want to let us know that

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CAELI RIDGE: to make sure that everything is still in line with qualifying.

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CAELI RIDGE: this one's one of my favorites. Number 9. please don't go out of the country without letting us know that that travel is expected.  This one probably happens more than the others. Believe it or not, where

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CAELI RIDGE: there was no notification about them traveling or being gone out of the country, even state side within the window of closing. Because clearly, if you're going to be gone.

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CAELI RIDGE: Then we can make arrangements to one. Find out if there is a Us. Embassy nearby where you're going to be, and we can make arrangements for you to sign there. Otherwise, if that's not a possibility, then we can figure out how to or whom we want to make a power of attorney for you if that's feasible, so that that person can sign on your behalf while you're gone.

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CAELI RIDGE: Otherwise. clearly we're going to miss our close date if you're not available

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CAELI RIDGE:  and then 10 kinda falls into Number 7 and number 8 Co. Signing for a loan for somebody. is going to come up and we will find it at the end. When we do that last minute search internal search to see what might have changed within your credit. Profile

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CAELI RIDGE: and it could really screw up a debt to income ratio. Now, all of these things gang are are very particular to your circumstances. if you have a debt to income ratio of 2, and you could add another $2,000 a monthly liability, or $10,000 a monthly liability. And your bank accounts have.

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CAELI RIDGE: you know, millions upon millions of dollars in them. And and you know, large deposits won't even make a dent Or maybe you're gonna be traveling out of the country, but we have a specific power of attorney already set up. If all of these things can be easily diffused, and and not have too much of a negative impact.

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CAELI RIDGE: If we know in advance and depending on what your qualifications are, it's it's really going to be very subjective to your individual qualifications and circumstances. okay. Anybody have any questions about any of these things or otherwise? We still have some time. I got through that pretty quickly.

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Karlie Libby: no questions feel free to put them in the chat like we had talked about earlier. Any questions on any of the 10 as it pertains to your pre-specific situation, or just questions about what Shaley meant.

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CAELI RIDGE: or if not, if if all of this is kind of old hat what else. Do you guys have questions about? I know somebody's gonna have a question. We got time.

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CAELI RIDGE: We have minutes.

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CAELI RIDGE: Nothing going. Once

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CAELI RIDGE: it's going back in going twice.

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CAELI RIDGE: Okay, gang. Well, this will be on. Repeat for you in the community later today or tomorrow morning, you're gonna see the newsletter tomorrow we're starting our our contest series. You'll see that as part of the newsletter it's going to be fun. I'm excited.

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CAELI RIDGE: Tomorrow's is. Should I give him a a hint, Carly, I'll tell you so. We've got a series of contests that we've come out with. I think I said. This last week This week is going to be caption. This. It's a a fun picture. Whoever captions or provides the best caption you can email us. The your caption will be on all of our social media. The links will be in the the newsletter. there's a $250 gift card to home depot

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CAELI RIDGE: for investment property, or whatever else you want to use it for. So it should be fun. And I like the picture that we use. So I'm I'm interested to see what you guys come up with for your captions.

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CAELI RIDGE:  and then any other house cleaning keeping.

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Karlie Libby: Not that I can think of. So yeah, I just want to reiterate that this list. It's going to be available on our website for you to look back on. We're also gonna be sending out a blast email to everybody with this list. So if you didn't catch all of them today, or if you wanted to go back and have this to look on during your next loan transaction. that will be sent to you.

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CAELI RIDGE: Thank you, Carly.

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CAELI RIDGE: Okay. Gang. Then that is it we remain on. Stand by. If any of you, any of you needs us for anything running the scenarios. answering questions about your qualifications. strategy stuff. It doesn't really matter. Just let us know we are always here on. Stand by, ready to assist, and we'll see you next week. Next week is going to be the 10 things to do.

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CAELI RIDGE: so check us out. Then we'll see you guys next week.