If you have dealt with a title company in recent years, you might have noticed a disclaimer in the email signature stating "Wire fraud is on the rise!"

You might dismiss this as fear-mongering but they are actually warning you about a very real threat. Scammers are targeting buyers getting ready to purchase a home by requesting a bogus payoff letter or requesting to help with the wire transfer.

Be wary of odd phone calls, password change requests or an email requesting account numbers. Title companies will always call to confirm wire instructions since electronic fraud is so prevalent.

If you have any questions regarding this or other lingo, email us [email protected]

1. Switch banks or move money to another lending institution. Even though it's “your money”, when money moves between accounts, the lender needs to track the source which can be complicated.
2. Pay off existing accounts unless the lender you are working with recommends it. Sometimes it works to your advantage to pay off a debt and reduce your DTI (debt-to-income ratio), but ask your lender for specific advice.
3. Make any large purchases such as a car. A snapshot of your finances are taken when you start the pre-approval process. If you make too large of a purchase, it could change your qualification for the loan.
4. Change jobs. Depending on the field or how you are paid, even if your income stays the same or increases, your loan could be denied.
5. Change your marital status. Ohio is a dower state, which means spouses need to sign documents. If you plan on getting married, make sure your agent and lender know so the documents can be filled out correctly. 

Contact our Howard Hanna Mortgage Officer for more info