Asked by Patrick Larson, 95110 • Sat Jun 30, 2012
I am trying to refinance my mortgage.
Without realizing that this could frighten the lender, I took out a $5,000 cash advance from my credit card account. The money was deposited into my bank account on 6/12. This still pushed my "credit utilization" to around 39% (from 11% when the lender checked my credit score, 775 was the middle score). I have used the money from the cash advance to pay down the mortgage to the balance that the lender demands that gets the best rate (75% LTV).
Before the COE, which is scheduled to be 7/27, I will get enough money to pay off most of that cash advance ($5,000) and cover the closing cost.
Even though I am financially able to make the transaction, if the lender wants to take a look at my June bank statement (they already have March - May statement), they will see the cash advance. Am I totally toast? I heard that this could be the ground for getting my loan denied?!?!?
Any help would be great.
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