By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    Jurors view ‘Freak off’ images too graphic to be shown to public
    Jurors view ‘Freak off’ images too graphic to be shown to public
    May 15, 2025
    Gaza hospital attack: Analysis contradicts Israel’s evidence justifying airstrike | World News
    Gaza hospital attack: Analysis contradicts Israel’s evidence justifying airstrike | World News
    May 15, 2025
    For U.S. Defense Industry, These Minerals Really are ‘Critical’
    For U.S. Defense Industry, These Minerals Really are ‘Critical’
    May 14, 2025
    Did the US flinch first in tariff war with China? | Trade War News
    Did the US flinch first in tariff war with China? | Trade War News
    May 14, 2025
    Saudis use burgers to impress Trump (VIDEO) — RT World News
    Saudis use burgers to impress Trump (VIDEO) — RT World News
    May 14, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Bitcoin Spread Oscillator Signals Growing Altcoin Momentum – Altseason Entry Signal?
    Bitcoin Spread Oscillator Signals Growing Altcoin Momentum – Altseason Entry Signal?
    May 15, 2025
    Dan Morehead Sees Decades of Bitcoin (BTC) Upside Ahead as Pantera Bets on Broad Crypto Future
    Dan Morehead Sees Decades of Bitcoin (BTC) Upside Ahead as Pantera Bets on Broad Crypto Future
    May 15, 2025
    Price analysis 3/10: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
    Price analysis 3/10: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
    May 14, 2025
    Ethereum retakes 10% control of crypto market, but ETH bulls shouldn’t celebrate yet
    Ethereum retakes 10% control of crypto market, but ETH bulls shouldn’t celebrate yet
    May 14, 2025
    Top South Korean presidential hopefuls support legalizing Bitcoin ETFs
    Top South Korean presidential hopefuls support legalizing Bitcoin ETFs
    May 14, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: 4 Mistakes to Avoid When Moving to a New State
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > People > 4 Mistakes to Avoid When Moving to a New State
4 Mistakes to Avoid When Moving to a New State
People

4 Mistakes to Avoid When Moving to a New State

Published August 9, 2023
Share
5 Min Read
SHARE

Contents
Failing to Clear the Move with Your BossAltering Your Existing Debt ProfileTrying to Hide Recent SpendingPutting Your Moving Expenses on Plastic

We independently select these products—if you buy from one of our links, we may earn a commission. All prices were accurate at the time of publishing.

Securing a mortgage can be a tricky process. Between getting your finances in order and learning the lingo (APR, debt-to-income ratio, and LTV are just a few of the fun new terms), many people can be left feeling like their head is spinning. Add an out-of-state move to the mix, and things can become downright complicated. Ahead, loan originator Carrie Casey with Appli Home Loans shares what you need to avoid when your hunt for a new home is taking you out of state. 

Failing to Clear the Move with Your Boss

Having the ability to repay your mortgage is a major part of your loan approval, which is why Casey says you need to ensure you’ve got all of your ducks in a row with work before you make your move. 

“If you are a remote employee and are staying with your same employer in your location and purchasing a home, you will need a letter from your employer that you will be able to continue your remote job in your new location,” she explains, adding that some employers require their remote employees to remain within the state. 

Altering Your Existing Debt Profile

Another potential pitfall Casey says you need to avoid has to do with changing your existing debts. “Hold off until buying a new vehicle or selling a vehicle (selling will close that line of credit and impact your credit score negatively at least for the next month or two), avoid switching banks, don’t spend all your money you’ve set aside for your down payment and closing costs, and please don’t lie about having a job in the new location,” she continues. “We always verify!”

Trying to Hide Recent Spending

Casey knows that things can come up, which is why she says it’s important to keep an open line of communication with your lender. “If you’ve bought anything on your credit cards outside of the ordinary usage, let your lender know right away so they can determine if there’s an issue,” she says. “I once had a client book a trip to Thailand during the process and it dropped her credit score 30 points and caused her mortgage insurance rate to increase about $80 per month.”

Fortunately that borrower had a credit score in the 800s, which allowed her to take the hit to her credit. But not everyone will be that lucky. “If credit had been in the 600s it could’ve been a lot worse and it could knock someone out of qualifying.”

Putting Your Moving Expenses on Plastic

Long-distance moves can wreak havoc on your budget, as they tend to be more expensive than local ones. Some people may be tempted to put those initial fees and charges on their credit cards to help offset the costs, but Casey says that can spell trouble for your application — even if you plan to pay them off right away. 

“The charges affect your credit immediately, but the credit bureaus can take a month to reflect after paying the credit cards back down,” she explains. “If there is a major credit issue while under contract on a home, there is something called a ‘rapid rescore.’ It involves following a set of instructions to get credit back in line by paying down specific lines of credit, but it can be costly and difficult to do if you don’t have the funds.”

If you have the funds in your bank account, Casey says that she recommends going that route rather than putting anything on credit. And when in doubt, talk it out! Your lender should be able to answer any questions you may have, so give them a call before making any changes before your loan closes.

#Mistakes #Avoid #Moving #State

- Advertisement -
TAGGED:avoidmistakesmovingstate
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Here are the Powerball and Powerball Plus results Here are the Powerball and Powerball Plus results
Next Article Feet could be the next big thing in security ID to get into locked spaces Feet could be the next big thing in security ID to get into locked spaces
- Advertisement -

Latest Post

Bitcoin Spread Oscillator Signals Growing Altcoin Momentum – Altseason Entry Signal?
Bitcoin Spread Oscillator Signals Growing Altcoin Momentum – Altseason Entry Signal?
Cryptocurrency
Jurors view ‘Freak off’ images too graphic to be shown to public
Jurors view ‘Freak off’ images too graphic to be shown to public
World News
Gaza hospital attack: Analysis contradicts Israel’s evidence justifying airstrike | World News
Gaza hospital attack: Analysis contradicts Israel’s evidence justifying airstrike | World News
World News
Dan Morehead Sees Decades of Bitcoin (BTC) Upside Ahead as Pantera Bets on Broad Crypto Future
Dan Morehead Sees Decades of Bitcoin (BTC) Upside Ahead as Pantera Bets on Broad Crypto Future
Cryptocurrency
Price analysis 3/10: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
Price analysis 3/10: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
Cryptocurrency
For U.S. Defense Industry, These Minerals Really are ‘Critical’
For U.S. Defense Industry, These Minerals Really are ‘Critical’
World News
- Advertisement -

You Might Also Like

Justin Medeiros Explains What Happened During “Ride” Event At 2023 CrossFit Games
People

Justin Medeiros Explains What Happened During “Ride” Event At 2023 CrossFit Games

August 6, 2023
Top 100 Food Trends in 2023
People

Top 100 Food Trends in 2023

January 22, 2024
Gisele Bündchen Mourns Death of Mom Vania Nonnenmacher in Moving Post
Entertainment

Gisele Bündchen Mourns Death of Mom Vania Nonnenmacher in Moving Post

January 31, 2024
Soda-Flavored Cupcake Ranges : Café Valley cupcakes
People

Soda-Flavored Cupcake Ranges : Café Valley cupcakes

August 14, 2024

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?