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Gerald’s Article Insights: How Cash Income Can Cost You When Applying for a Mortgage

In addition to bank account cash deposits, you must be careful about all your credit card purchase activity for the few months before you close on your mortgage.  A big purchase like a car for example, may affect your debt-to-income ratio which could derail a mortgage approval.  As a precaution and part of your mortgage planning, I suggest you ask your mortgage broker or banker exactly what activities may spoil your mortgage confirmation; avoid all those activities until your mortgage is approved AND funded!

-Gerald

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