signature loans

hi my name is philip ganz i am a loan officer.i made this video so you can avoid one common mortgage mistake which i call a “mortgagegotcha” when buying a home. true or false if a credit card has an interestrate of 0% and deferred for 12 months you can use the proceeds for a down payment ona house? the correct answer is false, personal unsecuredloans are not an acceptable source of funds for the down payment, closing costs, or financialreserves. you can not use personal unsecured loans includesignature loans, credit cards, and overdraft protection on checking accounts. i strongly recommend if you are buying a homedue not take out any new debt for any reason

because it could disqualify you form buyinga home. in other words ”no new home for you” !!!! if you need to borrow debt pleasemake sure you notify your lender before you take out the debt or the new additional debtcan decrease your purchasing power. i hope this video was helpful! if you wantto know more about this or other important mortgage information i am here for you.