Pre-Approved? Follow these Commandments and Get to Closing!

By
Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

You have your pre-approval in hand and are ready to start viewing a couple of dozen homes with your favorite real estate agent.  But before you head out the door remember the following 10 Commandments brought to you courtesy of Karen Deis of Origination News.  She stoled it from her favorite real estate agent who stole it from someone else....thanks to the originator of these Commandments....from another thief!

Commandments When Applying for a Mortgage Loan
 
1. Thou shall not change jobs or become self-employed.
 
2. Thou shall not buy a car, truck or van unless you plan to live in it.
 
3. Thou shall not use your credit cards or let your payments fall behind.
 
4. Thou shall not spend the money you have saved for your downpayment.
 
5. Thou shall not buy furniture before you buy your house.
 
6. Thou shall not originate any new inquiries on your credit report.
 
7. Thou shall not make any large deposits into your bank account.
 
8. Thou shall not change bank accounts.
 
9. Thou shall not co-sign for anyone.
 
10. Thou shall not purchase anything until after the closing.
 
Posted by

Evelyn Santiago

Managing Broker - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

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Topic:
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Location:
Illinois Kendall County
Groups:
Running a Brokerage
short sale specialists

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Rainmaker
646,977
Team Honeycutt
Allen Tate - Concord, NC

Your Ten Commandments are so helpful. If everyone will follow these, it will be a lot eaier to have a good closing.

Betty

May 17, 2012 06:39 AM #1
Rainmaker
575,033
Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL
Call the "CHAMPION" for all your real estate needs

Great reminder for the home buyer I always try to educate my buyer's on these ten commandments for a successful closing.

May 17, 2012 06:57 AM #2
Rainer
375,606
Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor Advocate/Short Sale

Thanks for posting this repost, Evelyn.  Great rules for the buyers to live by when purchasing a home!!

May 17, 2012 07:23 AM #3
Rainmaker
1,078,178
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

And sticking with the religious theme, I say ... "AMEN!"  I think we need to make new buyers memorize these and them sign them, Evelyn.  What havoc, is they don't!  Maybe mortgage lenders should print these up for handouts and give them to their applicants and referral partners???  Hmmmm ....

Gene

May 18, 2012 05:58 AM #4
Rainmaker
959,125
Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

number 2 was my favorite!  yes had one that fell apart for that exact reason and yes it is a story for me to tell all prospective buyers as a warning!

Jun 04, 2012 10:10 AM #5
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Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
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