The Wait to Buy Anything caution....

By
Real Estate Agent with Smart Green Realty

Thanks to Scott Godzyk for reminding me of the caution I used to always give my buyers. He told me about clients who were denied for a mortgage two days before closing because they couldn't resist a good deal on a camper. That camper on their credit report changed their debt to income level and they no longer qualifed for the mortgage. There are so many good deals around these days. We need to warn our clients to hold off on new purchases until after they get the keys to their new house. The same goes for quitting your job. The saddest deal I ever had involved a 60 year old woman who worked as a nurse's aide. Jobs for good aides are easy to get. This woman had so much to do to get ready for the move that she quit her job with the intention of getting another a month later. A few days before closing, she and her husband no longer qualified for a mortgage. She went right out and got another job the next day, but she could not document the regular overtime income she expected. She needed another year of work history before she could qualify.

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