After you apply for a mortgage.....Don't move til after close!

Reblogger Lora "Leah" Stern 914-772-4528
Real Estate Agent with Coldwell Banker, 170 N Main Street, New City NY 10956

You found your dream home, you were lucky enough to get a mortgage commitment, what next? Here's some great advice from Larry Bettag.

Original content by Larry Bettag NMLS ID# 158606

Here's the deal

Your credit will be re-pulled prior to closing! 

Book it!

Bank on it!

Expect it!

Last month we had about 1500 closings and two issues came up prior to closing.  One person had new credit because of a recent purchase and the other person had just "looked" into obtaining credit.  The real issue is this.  Don't do anything once you've applied for a loan.  After you've gone to closing,

then you can go purchase items til they come through your wazoo, but until then....

Fogettaboutit! 

Recently, I've seen companies getting bit in the butt by this new rule.  Make sure that you're educating your consumer.  As a realtor, assume that the lender won't educate the borrower to this rule, so you should. 

Don't have your closing blow up.  Don't look into credit until you've closed on your new loan!

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

 Cherry Creek Mortgage Company - Saint Charles, Illinois 

               Equal Housing Logo

An Illinois Residential Mortgage Licensee

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Topic:
Lending / Financial
Location:
New York Rockland County
Groups:
Realtors®
Active Rain Block Party
Buyer Information - What Buyers Need to Know in Today's Market
Advice for Buyers
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Tags:
buyers
credit
loans
home buying
mortgage advice
buying homes in suffern ny
preclosing tips

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Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

Some great advice indeed Leah.  I too have had people jeopardize their closing because of credit moves they made after they got their mortgage commitment !

Hope you are well :o)


Sheldon

Jul 09, 2010 02:07 AM #1
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Leah So many fall into this trap of going out and spending after applying for a loan.  This should all be on hold until the house is secured.

Jul 09, 2010 12:17 PM #2
Ambassador
1,653,307
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Leah So many fall into this trap of going out and spending after applying for a loan.  This should all be on hold until the house is secured.

Jul 09, 2010 12:17 PM #3
Ambassador
1,653,307
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Leah So many fall into this trap of going out and spending after applying for a loan.  This should all be on hold until the house is secured.

Jul 09, 2010 12:17 PM #4
Ambassador
1,653,307
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Leah So many fall into this trap of going out and spending after applying for a loan.  This should all be on hold until the house is secured.

Jul 09, 2010 12:17 PM #5
Ambassador
1,653,307
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Leah So many fall into this trap of going out and spending after applying for a loan.  This should all be on hold until the house is secured.

Jul 09, 2010 12:17 PM #6
Rainmaker
503,046
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Sheldon - When will they ever learn!  ALl is well here.  Hope the same with you.

Jennifer -  You'd think it's something their loan officer would remember to caution them about.

Jul 10, 2010 07:04 PM #7
Rainmaker
217,470
Yvette Chisholm
Long & Foster Real Estate, Inc. - Rockville, MD
Associate Broker - Rockville, MD 301-758-9500

Leah, what is old is new again.  Years ago this was such a big deal and with easy financing everyone moved away from the back-checking.

Jul 14, 2010 10:17 AM #8
Rainmaker
503,046
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Yvette - It does seem like the pendulum has swung full circle - from lax to overly cautious, to the point of almost imposssible to get that mortgage.

Jul 14, 2010 04:20 PM #9
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Lora "Leah" Stern 914-772-4528

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