7 Things You Shoul NOT Do Before Your Home Loan is Funded

Real Estate Agent with Coldwell Banker C&C Properties

Attention home-buyers!

If you're currently in escrow on a home...read this quick list and DO NOT do these things before your home loan is funded. You would be surprised how many buyers go in contract on a house that ends up falling through because they went out and made some crazy moves that eventually held things up, or worse, affected their ability to buy their dream home.

Tips for Home Buyers Redding CA

1. Don't pack or ship information that may be needed for the loan application to fund. Paperwork such as W-2 forms, divorce decrees or tax returns. Duplicate copies take weeks to obtain.

2. Don't buy or lease an auto. The Lender looks carefully at the debt-to-income ratio and a large payment such as a car lease purchase can greatly impact those ratios and prevent you from qualifying.

3. Don't change jobs! A new job may involve a probation period which must be satisfied before the income from that job can be considered for qualifying purposes.

4. Don't attempt to consolidate bills before speaking with your Lender.

5. Don't move assets from one bank to another. These show up as new accounts and can complicate the application process, as you must disclose and document the source of funds for each new account.

6. Don't buy new furniture or major appliances for your new house just yet...these purchases will increase your debt load and potentially disqualify you from the loan or deplete your funds to close.

7. Don't go crazy running credit reports on yourself. This will show up on your Lender's credit report as an inquiry and affect your credit rating.

With lending restrictions as tight as they are, I'm sure the list goes on but we hope this list was helpful. When in doubt...contact your Lender or your Realtor!

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Chris and Maria Jeantet, "the real estate couple"

EMAIL US maria@ccproperties.com

CALL Chris at (530) 510-0810 or Maria at (530)510-8880






Re-Blogged 1 time:

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  1. Robert May 08/12/2010 04:56 PM
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Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

This is a helpful list for buyers!

Aug 12, 2010 04:55 PM #1
Ted J. Macy
Top Agents Atlanta Metro - Milton, GA

This is great advice, something that should be taught in every Real Estate School in the country and mentioned at least once a quarter by every BROKER in the country. More deals would close on time today.

Thanks for the timely information.

Aug 12, 2010 04:56 PM #2
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

Fantastic post!  I am going to reblog it because I have to deal with this sort of thing far too often.  Thanks for the great blogging.

Aug 12, 2010 04:59 PM #3
Lanette Branch
RE/MAX Components - Fallston, MD

EVERY buyer should read this.  I shudder to think of the deals lost because my buyer(s) did one or more of the things on this list.

Aug 12, 2010 05:04 PM #4
Chris and Maria Jeantet
Coldwell Banker C&C Properties - Redding, CA
Redding CA Real Estate Couple

Ted, that's pretty funny! But I agree with you, this was just a basic list but one that's become so critical these days!

Robert - Thanks for re-blogging!

Lanette/Sharon, thank you for parking here for a few minutes :-)

Aug 12, 2010 05:10 PM #5
Bryan Watkins
LRA Real Estate Group - Mesa, AZ

Yup, are consumers so detached sometimes they need to be told like school children...do this, don't to that!

Aug 12, 2010 05:16 PM #6
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Chris and Maria Jeantet

Redding CA Real Estate Couple
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