{"id":41,"date":"2019-09-03T10:44:46","date_gmt":"2019-09-03T10:44:46","guid":{"rendered":"https:\/\/fouedbenslama.com\/?p=41"},"modified":"2020-01-11T13:39:20","modified_gmt":"2020-01-11T13:39:20","slug":"can-i-be-denied-a-mortgage-due-to-overdrafts","status":"publish","type":"post","link":"https:\/\/fouedbenslama.com\/?p=41","title":{"rendered":"Can I be denied a mortgage due to overdrafts?"},"content":{"rendered":"\n

Do\nyou have overdrafts? If so and you\u2019re wondering if you can be denied a mortgage\ndue to those overdrafts, I have good news. The answer is no!<\/strong><\/p>\n\n\n\n

While\nthe lender is most certainly going to look into those overdrafts, this is not\nthe kiss of death. The lender needs to understand why those overdrafts\nhappened. They\u2019ll take them into consideration along with the rest of your\nmortgage application.<\/strong><\/p>\n\n\n\n

It\nis extremely rare for a bank account overdraft to cause a mortgage application\nto be denied for a qualified applicant, so you can breathe a sigh of relief. <\/strong><\/p>\n\n\n\n

Hopefully,\nthe rest of your qualifications are in good standing but an overdraft with the\nbank will generally not be the reason your application is denied.<\/strong><\/p>\n\n\n\n

Before\nyou apply for a mortgage, read up on the following information so you can get\nthe approval you\u2019re looking for and buy the home of your dreams!<\/p>\n\n\n\n

Authorized\nOverdrafts or Bank Overdraft Protection and Mortgage Applications<\/strong><\/h2>\n\n\n\n

First,\nlet\u2019s talk about authorized overdrafts. Those are the kind you arrange with the\nbank in advance. You set a borrowing limit with your bank and are then able to\nspend that borrowed money up to said limit with your normal payment methods.\nYou usually have fees associated with these types of overdrafts. <\/p>\n\n\n\n

When\nyou\u2019re going through the application process with your lender, you\u2019ll be asked\nto show some typical things like proof of income. You\u2019ll also usually (though\nnot always) be asked to show your last three bank statements that encompass the\nlast several months). In the cause of authorized overdrafts, many lenders won\u2019t\nhold it against you and it shouldn\u2019t have any impact on your mortgage\napplication.<\/p>\n\n\n\n

That\nis, unless you regularly go over that overdraft limit. Then the lender might be\nhesitant to approve your application because you\u2019re showing a trend of not\nfulfilling your existing financial commitments each month. If this is your\nsituation, you should start to get a budget together and focus on a financial\nplan so that you are an appealing applicant. Some lenders will certainly be\nconcerned if you seem to use these authorized overdrafts regularly to make your\npayments, but others will look at the bigger picture and see how you\u2019re doing\nfinancially in other areas. <\/p>\n\n\n\n

If\nyou are maintaining those monthly commitments and not increasing your\noverdraft, you can breathe a sigh of relief though. That bigger picture really\ndoes come into play when lenders are reviewing your application. And if it\u2019s an\noccasional overdraft, then you have even less to fret over, particularly when\nit\u2019s conducted within the bank\u2019s limits. Most lenders will overlook that when\nconsidering your mortgage application. <\/p>\n\n\n\n

Need more peace of mind? You can also choose overdraft protection. These are basically lines of credit and any lines of credit come up on your credit report. So, when you have overdraft protection to secure up to $10,000, you could have a credit line for the same amount. Mortgage lenders will always look at the lines of credit you have. When you have used too much of it, that\u2019s when it might have the potential to harm your mortgage application. This indicates you\u2019re likely spread too thin and a bit risky to approve for mortgage payments. <\/p>\n\n\n\n

Can\nI apply for authorized overdraft shortly before a mortgage application?<\/strong><\/h2>\n\n\n\n

When applying for any type of credit, you probably are well aware a credit check is going to be run on you. Any time you have your credit run, it temporarily knocks your credit score down a little. So, if you just bought a brand new car and are financing it or you\u2019ve applied for more credit cards, you might run the risk of being turned down.<\/p>\n\n\n\n

It\u2019s for this exact reason that I strongly advise that if you want to buy a house or an investment property and get a mortgage, you do not apply for any other financial products unless absolutely necessary. If you constantly fall into that red zone, you might find it\u2019s best to apply for an authorized overdraft though. Because if you do just prior to putting in your mortgage application, it could make a big impact on how your creditworthiness is perceived by the lender.<\/p>\n\n\n\n

Unauthorized\noverdrafts and their effect on mortgage applications<\/strong><\/h2>\n\n\n\n

So,\nbefore I talked about authorized overdrafts and how they don\u2019t always mean a\nnegative impact for you when it comes to applying for a mortgage unless you\u2019re constantly\nin that uncertain zone. But what about unauthorized overdrafts?<\/p>\n\n\n\n

Sometimes\nthese are called \u2018unplanned\u2019 or even \u2018unarranged.\u2019 This has happened to most\npeople at least once in their lives. Perhaps you forgot your paycheck hadn\u2019t\nyet cleared when you made a payment and there wasn\u2019t enough in your account\nbalance to cover the amount. This kind of overdraft also happens when you\u2019ve\nhad an authorized overdraft gone bad \u2013 when you go over the limit you\u2019ve agreed\nto with the bank. When either of these scenarios plays out, that means you\u2019re\npaying extra charges and those can stack up fast.<\/p>\n\n\n\n

It\u2019s\nideal to avoid something like this, but many people in early adulthood usually\nmake this mistake once. If you have had an unauthorized overdraft and it\u2019s your\nonly one, and perhaps even if happened a while ago, the lender will absolutely\noverlook this, especially if you have everything else squeaky clean.<\/p>\n\n\n\n

But\nif you have frequently gone over the limit, you probably have been inundated\nwith a cycle of fees and penalties, not to mention a credit blemish. The more\nproblems with overdrafts you have, the more likely it is that the lender will\nturn down your application, even if you were willing and able to pay any fees\nand get into the clear. This is usually a sign that you\u2019re high-risk. They look\nfor patterns, and if you consistently have a pattern that shows you can\u2019t keep\nup with your monthly payments for your other obligations, it\u2019s a fairly good\nsign you won\u2019t be able to handle monthly mortgage payments. <\/p>\n\n\n\n

This\ncycle can be very difficult to break. It can also bring you into the land of\nbad credit. A low credit score, default, or judgment could wind up plaguing\nyour dreams of homeownership for years. You do have the option to work with\nmortgage advisers that work with bad credit mortgages though, but the best\nthing you can do is try to get your situation straight before applying for your\nmortgage and prove you can be counted on to make mortgage payments without fail\nto your lender.<\/p>\n\n\n\n

It\nmight sound disappointing, but if you keep reading, I\u2019m going to tell you how\nto avoid this mess and get the mortgage you want. <\/p>\n\n\n\n

How\nto Avoid Overdrafts and their Consequences<\/strong><\/h2>\n\n\n\n

Believe\nit or not, overdrafts were created to help you out. See, let\u2019s say you\naccidentally forgot you didn\u2019t yet get your paycheck yet and then paid your\nphone bill. Instead of having that transaction declined, your bank covers that bill\nfor you and tacks on a fee. While it is great protection, I urge you to pay\nmore attention to your banking so you don\u2019t make this kind of mistake again.\nMaking it once, as I said before, is not a big deal. But when it happens often,\nit\u2019s a huge red flag to lenders that you don\u2019t want to be waving around. <\/p>\n\n\n\n

If\nyou had an overdraft like this, contact your bank and tell them you want to opt-out\nof overdraft coverage. If you accidentally try to spend more than you have,\nthat transaction will be declined and you\u2019ll need to use another method for\npayment or become delinquent on the bill you\u2019re trying to pay. <\/p>\n\n\n\n

You\ncan (and should) ask about overdraft protection. This permits you to link to a\nsecondary account. If you have a savings account, linking it to your checking\naccount is a much smarter option. This way, if your checking balance is low\nbecause your paycheck hasn\u2019t yet cleared or deposited, the money comes out of\nyour savings and helps cover the purchase. There are no fees or hints of\ntrouble on your account when using this method.<\/p>\n\n\n\n

Don\u2019t\nhave savings? You should set it up immediately. Some days are rainier than\nothers and you will be so thankful when you have even just a little something\nset aside to handle an emergency, I personally keep enough to cover 6 months\nworth of expenses in a high-yield savings account. But you should never buy\nSTUFF with your panic fund, like that computer you wanted or worst buy gifts\nwith it.<\/p>\n\n\n\n

How\nto prepare for a mortgage if you have an overdraft<\/strong><\/h2>\n\n\n\n

Now\nyou really want to buy a house, and I get it. However, you should note that a single-family\nhome is not an investment! <\/p>\n\n\n\n

Yes,\nI said it. A house is not an asset because it doesn\u2019t pay you every month. You\nmight not have to pay a landlord but you’d still have to pay property taxes,\ninsurance, upkeep, and maybe even a homeowners association fee (HOA).<\/p>\n\n\n\n

If\nyou absolutely must buy a home and don’t want to rent, you can buy a duplex,\ntriplex or even better a fourplex using an FHA loan (FHA stands for Federal Housing Administration), which allows you to only\npay down about 5%, live in one unit and rent out the others. It’s called\nhouse-hacking, granted you\u2019d have to crunch the numbers to make it work but\nthat\u2019s a post for another day. An even smarter thing would be to pay down 20% to\navoid the Private Mortgage Insurance (PMI); it\u2019s about 1% of the purchase price,\nthis type of insurance aims to protect the lender from you defaulting on a loan\nand can be avoided by paying down 20%.<\/p>\n\n\n\n

So,\nif you\u2019re thinking about applying for a mortgage right now to get out of your\ncurrent renting situation or in the not-too-distant future, you really must budget\nproperly starting immediately. You need to keep enough money in that account\nbefore you try to apply. One of the biggest things you\u2019ll need to commit to\nhere is not spending on frivolous things. That means cutting out your morning\ncoffee routine at the local caf\u00e9 or bringing lunch to work more often than\nbuying it. Trim your expenses wherever you can and make sure you pay attention\nto maintaining those financial commitments. If you can\u2019t or won\u2019t lower your\nstandards of living you could increase your income by working two jobs or taking\nup a side hustle. All your bills must be paid on time. Short of a natural\ndisaster, there should be nothing preventing you from paying your obligations\nin full on a regular basis. <\/p>\n\n\n\n

You should also be trying to reduce any overdrafts that you do have during that period before you apply for a mortgage. This would also show a potential lender that you have control of your finances and a healthy relationship with money which is always a plus. Whatever you do, don\u2019t exceed the limits of your overdraft during this time. If for some reason something major comes up, you may need to wait longer to clean up this area and get in good standing. <\/p>\n\n\n\n

Keep in mind that most of the lenders out there will want to take a look at the last three bank statements over the last three months. This three-month span should be in immaculate condition. You should also keep from increasing your overdraft facility. Make sure there is enough money in your bank account at all times to avoid going over the overdraft.<\/p>\n\n\n\n

Should\nyou be overdrawn, you should always handle all of your commitments. Get them\ntaken care of immediately. Then, pay any banking fees and overdraft fees. You\ndon\u2019t want to let those fall by the wayside because the bank can then charge\nyou even more fees and list it as a default. You know what that means, right?\nThat\u2019s a bad credit blemish left on your history, one that will make it much\nmore challenging to get approved on a mortgage application.<\/p>\n\n\n\n

Not\nonly do unpaid fees make you look less desirable to mortgage lenders, but these\ncan also form into a lawsuit. That lawsuit will most certainly appear on your\ncredit score and then will be known to the lender. Above all, avoid going over\nyour overdraft limit. If you go over, it will definitely delay getting the\napproval on that mortgage.<\/p>\n\n\n\n

Remember,\nwhile having access to an overdraft isn\u2019t a problem, especially if it\u2019s been kept\nas a line of credit and you\u2019re not using that limit, going over it is. Don\u2019t\nbreak the terms of your overdraft and you\u2019ll still be an appealing candidate\nfor approval on a mortgage application.<\/p>\n\n\n\n

Can\nI use an overdraft as a mortgage deposit?<\/strong><\/h2>\n\n\n\n

Based\non what I\u2019ve just mentioned, you probably can answer this question now. No, you\nshouldn\u2019t use an overdraft for your mortgage deposit. This is a terrible idea\nfor a bunch of reasons.<\/p>\n\n\n\n

For\nstarters, overdrafts were not created to be used for short-term purposes. Your\nbank could easily pull out in the blink of an eye, leaving you out to dry. If\nyou don\u2019t have a proper deposit, an adviser can usually suggest other\nalternatives for you. <\/p>\n\n\n\n

Another\nthing you might be thinking about is taking a loan out to use for your deposit.\nThis also isn\u2019t something I\u2019d recommend because the lender is going to look at\nthe repayments on that loan and decide how much they\u2019ll lend you. It works\nagainst you because they\u2019d lend you less than they would if you didn\u2019t have a\nloan.<\/p>\n\n\n\n

What\u2019s\nthe Impact of Overdrafts on Credit?<\/strong><\/h2>\n\n\n\n

Should\nyou have an overdrawn account, you should pay the fees asked of you and put\nyour money right into your account to get it into immediate positive standing.\nDepending on the bank, you may be charged a daily fee if you don\u2019t get your\naccount out of the red within a certain amount of days. And, if you don\u2019t pay\nthat debt, the bank will likely send your account over to collections. Cue the\nannoying phone calls that you will be sure to receive from collections\nagencies.<\/p>\n\n\n\n

You\nmost definitely do not want this to happen. Delinquent accounts have a majorly\nnegative impact on your credit score. You should have a credit score that is a\nminimum of 620 if you want to get a conventional loan. What affects your credit?\nThe payment history on any of your accounts always has an impact. If you are\nconsistently late or you have any delinquent accounts, it lowers your score.<\/p>\n\n\n\n

Other things that lower your credit is how much you owe creditors and how long your accounts have been in standing. Even the types of credit lines you have make a difference. But not all of these are negative impacts all the time. For example, having a credit card you always pay the balance of in full every month, or you have an auto loan and pay that on time, these things can weigh in your favor.<\/p>\n\n\n\n

Keep\nreading, and I\u2019ll tell you more about how mortgage lenders use your credit\nscore to determine if you\u2019re going to get approved or not. <\/p>\n\n\n\n

How\ndo mortgage lenders use your credit score?<\/strong><\/h2>\n\n\n\n

Did\nyou ever have that one friend that would always ask for money and swear they\u2019d\npay you back? You probably never saw that money again, did you? If you haven\u2019t\nbeen reliable with borrowing money, you\u2019re going to look just like that old\nmooching friend to creditors and lenders. The credit score you have is the\nbarometer for how reliable you are when repaying debts. These things are\nmeasured from up to 7 years prior and can all play a role in your credit score.<\/p>\n\n\n\n

As\nyou\u2019re applying for that mortgage, the lenders will take a look at your credit\nscore first to make their initial assessment. They go through an external\ncredit reference agency to check it out. There are three major credit reference\nagencies in the US: Equifax, TransUnion, and Experian. All three of these\nagencies use a unique algorithm to compute your credit score. Meanwhile, every\nlender out there has different boundaries in place as to what they deem\nacceptable or not. That\u2019s why I want you to know something very important: one lender\nmay not approve you for a mortgage while another one will.<\/p>\n\n\n\n

If\nyou think about it, it\u2019s like credit cards. Sometimes you apply for one and get\napproved immediately. Other times, you\u2019re turned down. Knowing what your scores\nare by these credit agencies and what lenders deem as acceptable will help your\nmortgage application process be more fruitful.<\/p>\n\n\n\n

Tips\nfor building your credit score<\/strong><\/h2>\n\n\n\n

If\nyour credit score is low across the board though, you\u2019re going to have to build\nit up. Fortunately, I\u2019ll tell you just how to do that so keep reading!<\/p>\n\n\n\n

Don\u2019t\nfeel too badly about having an unauthorized overdraft. You can still turn\nthings around and fix your credit score. It won\u2019t happen overnight, but if you\nkeep at it, things will soon go your way.<\/p>\n\n\n\n

–\nPay those debt repayments on time<\/strong><\/h3>\n\n\n\n

When\nyou pay off any of your current debts and do so on time, your credit score\nincreases. It shows you are a reliable buyer, one who can be trusted to make\ngood on a debt (unlike that old friend\u2026where is he now anyway?). Credit cards\nare a great way to do this. If you pay your entire debt on the card in full\nevery month, you don\u2019t pay any interest. You should give some thought to\ngetting a credit card that\u2019s designed for someone in a bad credit situation\nwhich can help you get things going in your favor.<\/p>\n\n\n\n

–\nPay for your utilities directly<\/strong><\/h3>\n\n\n\n

You\nalways have to pay your electricity bill, don\u2019t you? Making the payment for\nyour monthly bills, especially when you go directly through your debit account\ncan boost your credit score. You need to be careful though because missing a\npayment could make things even worse. The ideal solution is to set up an\nauto-pay feature. This ensures you\u2019re never late and you never miss a payment. <\/p>\n\n\n\n

–\nAvoid applying for too many credit cards<\/strong><\/h3>\n\n\n\n

Building\ncredit through a credit card is a great idea. A bad idea though is opening up a\nbunch of credit cards. Don\u2019t be lured in by stores trying to hook you with 5%\noff or other incentives just to get another card. Every time you apply for a\ncredit card, it lowers your credit score. If you have only a few cards and are\nresponsible with them by paying the balance by the due date in full every\nmonth, then it\u2019s not a problem. But if you start waving your cards around,\nforgetting that you actually have to pay for what you buy in the long-run, it\ncould worsen your debt situation.<\/p>\n\n\n\n

Ideally,\nyou should apply for a good credit card well before you apply for a mortgage.\nBuild up your credit and turn your credit score into the kind of number lenders\nwant to see. Then go ahead and apply for that mortgage. <\/p>\n\n\n\n

–\nCorrect your credit report<\/strong><\/h3>\n\n\n\n

For\nsome of you though, you might have blemishes on your credit report that you are\nnot aware of. This is why it\u2019s so important to check on your credit long before\nyou apply for a mortgage. That mooching friend could have used your name to\napply for a card or an error could have been made by one of your creditors.\nCheck first to see if anything is out of the ordinary. It\u2019s free to do by\ngetting in touch with the three credit agencies and requesting a report. <\/p>\n\n\n\n

And\nthe one thing you should NEVER do\u2026<\/p>\n\n\n\n

DON\u2019T\nget an unauthorized overdraft. Again, if you had one once ages ago, it\u2019s likely\nnothing to worry about, especially if the rest of your financial matters are in\norder. But if it\u2019s happened recently or it\u2019s happened frequently, most lenders\nwill file you into the \u2018unreliable\u2019 file.<\/p>\n\n\n\n

Bottom\nline<\/strong><\/h3>\n\n\n\n

By\ntaking care of your credit before applying and correcting any problems with\noverdrafts and credit scores, you significantly increase your chances for being\napproved on a mortgage. Follow my steps above for getting your credit in good\nstanding and you\u2019ll should soon find you\u2019re stamped with an approval on your\nmortgage application.<\/p>\n\n\n\n

Don\u2019t\nforget that if you\u2019re on the cusp, different lenders may say \u2018no\u2019 or \u2018yes,\u2019 but\nthe more you do to solidify your standing as someone who\u2019s responsible with\npaying back debt, the more quickly you should get what you want. <\/p>\n","protected":false},"excerpt":{"rendered":"

Do you have overdrafts? If so and you\u2019re wondering if you can be denied a mortgage due to those overdrafts, I have good news. The answer is no! While the lender is most certainly going to look into those overdrafts, this is not the kiss of death. The lender needs […]<\/p>\n","protected":false},"author":1,"featured_media":42,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-41","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage"],"yoast_head":"\nCan I be denied a mortgage due to overdrafts? - Foued Ben Slama<\/title>\n<meta name=\"description\" content=\"No, it is extremely rare for a bank account overdraft to cause a mortgage application to be denied for a qualified applicant.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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