Do's and Don'ts for Smoother Loan Approvals

By
Real Estate Agent with The Stark Company Realtors, Madison WI 53123-94

Tis the season to be jolly. Are you buying a new home in Middleton Wisconsin or the greater Madison Wisconsin area? You will feel much more jolly if you follow these handy do's and don'ts during the loan process for purchase of your new house. Don't be naughty or it will be much harder for Santa to deliver you the keys for your new home.Stack of money, clipart image submitted by Barbara Chatterton

  • Do respond to any calls or emails from your lender or Realtor ASAP. Time is of the essence.
  • Do continue making payments staying current on your mortgage/rent and ALL accounts.
  • Do keep working at your current employer.
  • Do choose your new insurance company as soon as possible.
  • Do continue living at your current residence.
  • Do continue to use your credit as normal.
  • Do keep extremely accurate records, making copies of checks for  lender approved  pay offs.
  • Do OBTAIN A "GIFT LETTER"  from parents or if they are giving you money towards the purchase of your home.
  • Do fully document any employer bonuses or any other income other than normal paychecks (if you sell a large ticket item on Craigslist for example or perform a service for someone for which you get paid).
  • Do call  your lender or your Realtor if you have any questions.
  • DON'T let ANYONE else retrieve your credit.
  • Don't make a major purchase (car, boat, fur, jewelry) even for the holidays.
  • Don't open a new credit card account.
  • Don't close a credit card account.
  • Don't transfer or consolidate any credit cards or loans.
  • Don't take out a new loan.
  • Don't pay charge-offs without a discussion with your lender
  • Don't pay collections without a discussion with your lender
  • Don't pay off any loan or credit card without a discussion with your lender
  • Don't change bank accounts
  • Don't overcharge or max-out any charge cards
  • Don't start any home improvement project
  • Don't finance any elective medical or dental procedures
  • Don't open a new cellular phone account
  • Don't join a new fitness club
  •  

    I am a Realtor with the Stark Company in Middleton Wisconsin and love embarking on personalized real estate adventures. I am energized by meeting and interacting with people! Problem solving, separating logic from emotion, interpreting the market as well as really listening to your dreams and goals  are just a few of the things I bring with me to assist you. I am knowledgeable, experienced, authentic, fun to work with and answer myphone with a smile. Finding the right house starts with the right agent! Call, text or email me to find out more.


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    Greater Madison Wisconsin Real Estate

    The Stark Company 

    702 N High Point Rd, Suite 100

    Madison Wisconsin 53717

    Call or text 608.239.2777 

     

     

     

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    Re-Blogged 1 time:

    Re-Blogged By Re-Blogged At
    1. Chuck Carstensen 12/01/2010 12:19 AM
    Topic:
    ActiveRain Community
    Location:
    Wisconsin Dane County Middleton
    Groups:
    Active Rain Newbies
    Realtors®
    The Lounge at Active Rain
    Posts to Localism
    Tags:
    real estate adventures
    purchase of your new house
    buy a new home in middleton wisconsin
    greater madison wisconsin home

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    Rainmaker
    4,432,589
    Gita Bantwal
    RE/MAX Centre Realtors - Warwick, PA
    REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

    Thank you for the great tips. I did not realize that opening a new cell phone account is not a good idea.

    Dec 01, 2010 12:12 AM #1
    Rainmaker
    1,178,352
    Chuck Carstensen
    RE/MAX Results - Elk River, MN
    Minnesota Real Estate Expert

    Good list!  I am going to reblog this one!  People need to know this!

    Dec 01, 2010 12:17 AM #2
    Rainmaker
    4,268,828
    Joan Cox
    House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
    Denver Real Estate - Selling One Home at a Time

    Barbara, great information for buyers, especially for first time homebuyers that need guidance.

    Dec 01, 2010 12:17 AM #3
    Rainer
    133,511
    Barbara Chatterton
    The Stark Company Realtors, Madison WI - Madison, WI
    Greater Madison Wisconsin Area Realtor

    Thanks, Gita.  I have been learning a lot lately with some of my transactions.

    Thanks for passing it on, Chuck!

    We have to do lots of teaching, don't we, Joan,with the first time buyers?  But so much new stuff for loans can be new for lots of folks.

    Dec 01, 2010 02:06 AM #4
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    Rainer
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    Barbara Chatterton

    Greater Madison Wisconsin Area Realtor
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