14 Things You Should and Should Not Do When Buying A Home And Applying For A Mortgage
When buying a home or thinking about buying a home, it is very important that you follow the 14 Things You Should and Should Not Do When Buying A Home And Applying For A Mortgage. This way you will not find yourself in trouble or upset to find out you can not get the home you love. These apply to all types of loan programs, to include, FHA, Conventional and VA loans to name a few. This is very important for first time home buyer’s who have never been through this process. Plus, if it’s been awhile since you have purchased a home, there mortgage process has changed a bit.
I borrowed this great list from an amazing agent Chris Heller, this was more in depth and better than the one I used to send to my clients. It helps answer most of the things you should and should not do when buying a home and applying for a mortgage.
There are certain “Do’s and Don’ts” which may affect the outcome of your loan request. These remain in effect before, during and after loan approval up until the time of settlement when your loan is funded and recorded. Many time credit, income, and assets are verified the hour before you have signed your final loan documents. Sometime we have seen the lender verify your credit 48 hours after you sign documents, because the loan has not officially recorded. Here is a list of 14 things that you should comply with while considering buying a home.
MAKE SURE THAT YOU DO NOT:
Do any of the things that may alter your credit and may risk you obtaining your loan. Also, these things may put you in default of your Sales Contract, may put your ESCROW (earnest money) deposit at risk, and may put you at risk of being sued. This is not a great situation to be in.
1. DO NOT quit your job or change jobs. If this is likely, consult with your loan officer and call our office should this occur.
2. DO NOT allow anyone to make an inquiry on your credit report except your lender.
3. DO NOT apply for credit anywhere else except with your lender. This causes more “hits” on your credit rating which can reduce your credit score.
4. DO NOT change bank accounts or transfer money within your existing accounts.
5. DO NOT co-sign for anyone, for any reason, for anything.
6. DO NOT purchase or attempt to purchase anything else on credit such as another car, truck, boat, furniture or other real estate.
7. DO NOT charge any abnormal mounts to your current credit cards or credit lines.
8. DO NOT send in late payments, or incur late fees for anything.
9. DO NOT wait longer than the time frame given per your contract to provide all necessary paperwork and information to your lender when requested.
MAKE SURE THAT YOU DO:
10. DO keep all accounts current, including mortgages, car loans, credit cards, etc.
11. DO contact both your lender and your sales associates anytime a question may arise.
12. DO make all payments on or before due dates on all accounts, even if the account is being paid off with your new loan.
13. DO have any lender-required money/funds to your loan officer within 72 hours after home inspection is complete.
14. DO return phone calls from your agent, loan officer, settlement, company, or anyone else involved in your transaction within 2 hours of a message.
If at any time you have questions, prior to making any type of purchase or allowing ANYONE to run your credit, call your lender and/or your agent (me) right away! We are here to help make this a fun and easy process, but it takes teamwork and dedication on all sides. Just think, a little delayed gratification and you get the home you love!
If you have any questions or would like to find out more information on getting pre-approved for a mortgage, visit our website at www.RockelGroupHomes.com