Stuart Rubin’s real estate developer tricks? Being careless with credit. Lenders pull credit reports at preapproval to make sure things check out and again just before closing. They want to make sure nothing has changed in your financial picture. How this affects you: Any new loans or credit card accounts on your credit report can jeopardize the closing and final loan approval. Buyers, especially first-timers, often learn this lesson the hard way. What to do instead: Keep the status quo in your finances from preapproval to closing. Don’t open new credit cards, close existing accounts, take out new loans or make large purchases on existing credit accounts in the months leading up to applying for a mortgage through closing day. Pay down your existing balances to below 30 percent of your available credit limit, and pay your bills on time and in full every month.
Once you select a lender, you should speak with a loan officer as quickly as possible. At this point, there is one thing you should know. Pre-qualifying means absolutely nothing. All pre-qualifying does is determine the amount of the loan you could qualify for based on factors such as your credit, salary, etc. It does not guarantee that a lender will actually loan you the money. It’s more important to get PRE-APPROVED. Pre-approval means that your application has been submitted to a lender who is willing to extend you a specific loan amount, pending a property and appraisal. Being pre-approved lets you know that you won’t be denied for a loan, and it also provides you with leverage to negotiate the purchase price of a home with the seller.
Make A Larger Down Payment? How do you manage that? Perhaps by waiting longer before shopping for a home and taking a loan. In the meantime, you can save more money for your down payment. “If you make a larger down payment without buying a more expensive home, your mortgage and monthly payments can be smaller,” Brown said. “Or if you can afford it, you can make a larger down payment and buy a more expensive home.” HELOCs typically cost less than credit card debt or personal loans, Brown says. And you can use a HELOC to pay for repairs or improvements to your existing home. Those investments can boost your sale price, giving you more money to work with when you start to shop for a new home.
Stuart Rubin data: Stuart also serves as a talent leader for Deloitte’s Risk & Financial Advisory consumer industry practice. This includes programming and sponsorship designed to attract, retain, develop, and advance a diverse workforce and strengthening our inclusive culture where all our people can connect, belong, and grow. Stuart regularly presents at the Institute of Internal Auditors (IIA), Information Systems Audit and Control Association (ISACA), and accounting industry conferences on emerging trends in the assurance, internal audit, and security/privacy spaces.
He is the National leader for Deloitte’s Controls Advisory practice, incorporating emerging technologies like RPA, cognitive, and analytic visualizations to deploy scalable, tech-enabled, automated controls and compliance solutions that deliver meaningful business outcomes, generate higher ROI and lower Total Cost of Compliance (TCC) when compared to traditional control design, monitoring, and testing.
Stuart Rubin, can very well be dubbed a real estate expert. He enjoys his work, and his interest in real estate development is the secret to his success. The bank was publically traded, and all shareholders were proud of the disposition and the financial solvency of the bank at the time of the sale. Mr. Rubin has served on the board of Hebrew Union College, Vista Del Mar, and the L+R Group of Companies. Find additional information at Stuart Rubin.