OK, I'll admit it. I'm a freak for details.
As a Buyer's Agent, I find that I often spend endless hours educating Buyers on what they SHOULD DO to insure that their home buying process is a success, as well as what they should AVOID DOING so that it doesn't blow up somewhere along the way.
One of the most common educational sessions I have with Buyers is in regards to the need for them to maintain the same or better credit score that they had when they received their loan approval letter (which is typically obtained weeks before they even saw their first house).
Quite frankly, I believe this to be one of the most under discussed topics in the home buying process...maybe because the REALTOR thinks that the Loan Officer/Lender is communicating it to the Buyer or maybe because the REALTOR assumes that the Buyer knows that if they buy that couch they got cozy on at the furniture store, that they might not qualify for the house of their dreams...even though they thought it was "safe" to go furniture shopping since they already had their approval in hand!
Regardless of who "should have" told the Buyer, it's too late once the damage is done.
So, my holiday gift to you is...If you are a Buyer who is considering purchasing a home it really is best if you do NOT:
- Buy a new car
- Buy new furniture
- Go on vacation and charge everything to your credit card
- Quit your job
- Spend your down payment thinking you'll replenish the funds when you get your "bonus"
- Get married or divorced
- and under no circumstances, fail to make payments on existing accounts or ignore "final notice" or "collection" letters
You see, a loan approval letter means that you were approved for the loan on the day that you applied for it based on your credit score, your income, your debt ratios and your ability to maintain those things (along with other things like funds needed to close, continual employment, etc) and ANYchanges in those factors MAY affect your ability to secure final loan approval!
As a full-time professional Real Estate agent in Seminole County, FL it's my goal to make sure that Buyers are well educated not only on the house buying process, but also on things that they can avoid doing that might make it a challenge to obtain financing days before closing.
For more helpful hints on purchasing a home by limiting the "stress factors", please subscribe to my Blog below.
If you or someone you know is seeking a professional, full-time REALTOR in Lake Mary, Winter Springs, Sanford, Oviedo, Sanford, Altamonte Springs, Longwood, Casselberry or Fern Park in Central Florida, I'd welcome the opportunity to earn the business!
LaShawn Norden, PA, ALHS, REALTOR, Buyer's Agent, RE/MAX Central Realty, Seminole County, (321) 377-0157, LaShawn@LaShawnNoden.com
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