Been approved for a mortgage in New Jersey? What not to do... DON'T......

By
Mortgage and Lending with Social Media - Infinity Home Mortgage Company, Inc

keys to home ownership

 

There comes some responsibility and understanding of the mortgage process when buying a new home. Some think that just because you are approved for a mortgage in New Jersey, you can sit back and wait for the closing to happen now. There are many things a buyer must be careful of, even after they have been approved for a mortgage.  This isn’t always explained by the loan officer, hence why I wanted to give a list of items.

 

What not to do after being approved for a mortgage, when you have received your commitment letter. DON’T …..

 

  • DON’T change jobs or quit your job. If you change your job in the middle of the process, this could delay your closing.
  • DON’T keep shopping for a new mortgage. This could effect your credit scores and either cost you more money or deny you for a loan.
  • DON’T apply for new credit after you have applied for a mortgage. Wait until after you have moved in.
  • DON’T pay off any collection accounts and or judgments unless told so by the lender. You need to be careful of such advice once in processing, because it could change your credit score for the worse. Understand your credit and what should be done.
  • DON’T co-sign on any loan for anyone until you have closed on your loan.
  • DON’T start with a credit counseling agency when starting the mortgage process. If your credit has to be pulled again and this is found out, some mortgage programs don’t allow it in a certain time period.
  • DON’T spend your money or make any changes from your savings/checking accounts or 401-k plans.  No large deposits or they will have to be explained. If taking money from your 401-k plan for the purchase of your house and depositing it into your checking account, make sure you save the paper trail for the lender, showing what you did.
  • DON’T disconnect or change your home or cell phone number until you have closed on your loan. Lenders need to verify your home number, even if you use your cell number instead.

 

Summary : Some of the things mentioned above should not be done when even shopping for a mortgage or while even in the mortgage process. Most of all, none of the things mentioned above should be done once you have been officially approved for a mortgage in New Jersey with a commitment letter.

 

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Copyright © 2011 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Comments (31)

The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

Jeff - A great check-list indeed !  This list should be handed to every buyer after they go under contract.  ~ Chris

Apr 23, 2011 08:14 AM
Sherry Scales
Austin Texas Homes, LLC - Leander, TX
Realtor, for Austin, TX and surrounding areas

I have this typed up and named "BUYER THY SHALT NOT" and make them sign it the minute a contract is accepted.  Don't want it said they didn't know.

Apr 23, 2011 08:24 AM
The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

Just posted this via Twitter and Facebook as well.  Sharing the love kinda thing : )  ~ Chris

Apr 23, 2011 08:24 AM
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

I alwasys worry about these sort of things happening. They rarely do but we need to put the reminders out there.

Apr 23, 2011 08:53 AM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans


DIANE....
. since the phone number is so critical in regards to the application and the mortgage process, people need to be aware of this.. thanks

KEN... . ouch.. and in all honesty, can we blame the buyer for not thinking of this, even though it might be common sense. Hence why we must educate the buyers on the whole process.. thanks

BOB.... . I am going to make it an e-book on my site and make a brochure to hand out to all borrrowers and to realtors for their clients... and I would love to see your list.,.. maybe I am missing something... jbelonger@ihmci.com thanks

EILEEN... . as I mentioned to Ken and a few others.... certainly common sense, but common enough? thanks

JEFF.... .  I am not sure why I haven't written about this earlier... but you do hear more of these stories more now than before.. thanks

SALLY... . I totall agree that it can't be talked about as much as it should.. hence why I finally wrote about it.. thanks

CHRIS... .  thanks for the compliment... and I will be working on an actual brochure of this come Sunday night and Monday... I'll share it with you and Stephanie.  thanks

SHERRY.... .  that's being very pro-active... would love to see your version... thanks

CHRIS.... watch where you share that love.. lol  Seriously... if you ever share any of my posts, would love if you go to here... The FHA Expert ..  this is where I share these kinds of posts first... thanks  ps.. thanks for sharing this...

 

Apr 23, 2011 08:58 AM
Rosalie Evans
Meritus Group Real Estate - Sioux Falls, SD
The Evans Group, Sioux Falls, SD Homes For Sale

I had a loan fall apart once over the buyers buying furniture! I even told them not to make any credit purchases.....guess they found out the hard way. 

Apr 23, 2011 10:04 AM
Brian Doubleday
Brian Doubleday - IML RealEstate - Orange County, CA Broker - Ladera Ranch, CA
Ladera Ranch, Foothill Ranch, Lake Forest, Mission Viejo
This is a great reminder for borrowers in any state, thanks for sharing
Apr 23, 2011 02:14 PM
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

Great tips and reminders...they do seem so simple and common sense yet i know that this stuff happens all the time!  

Apr 23, 2011 03:45 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

This is one of the most important list of tips once can share with a buyer.  I also tell them not to go on a spending spree or buy a new expensive car or truck!

Apr 23, 2011 04:24 PM
C. Lloyd McKenzie
Living Albuquerque - Albuquerque, NM
Living Albuquerque

Jeff,

Just stopping by to wish you a Happy Easter

Apr 23, 2011 05:30 PM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Jeff, about 10% of the time i find buyers do one of the above & gaff up the whole buying process...this is great info to share...Happy Easter!

Apr 24, 2011 12:50 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Super tips Jeff, I will re-blog this tomorrow.  So, important.

Apr 24, 2011 02:41 AM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

 

CHUCK... . yes, they rarely do happen, but when they do, all hell can break loose.. thanks

ROSALIE.... . some people will never listen and have to learn the hard way.

BRIAN.. . yes, for any state... thanks

DEBORAH... . more common sense to those of us in the business... hence why we should put out more reminders.. thanks

JOAN... . you would think this would be part of the agreement of sale or any mortgage application. I am going to make a brochure for my buyers and realtors... and an e-book.. thanks

C LOYD.... . thanks and a Happy Easter to you also.

GINNY... .  about 10%?  That could be a lot for some realtors... I guess if it kills or delays a closing. and Happy Easter to you and your family. thanks

GABE.... . thanks for reblogging this and for the polite compliment.

 

Apr 24, 2011 02:55 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

This is why you need a Real Estate agent....We know things that people need to know..good post

Apr 24, 2011 04:21 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Why doesn't this warning get to buyers from their agents or loan officers????  Somebody????

Apr 25, 2011 01:58 AM
Ira Bodenstein
PNC Mortgage - Montclair, NJ
NMLS#: 445143

Good advice.  Realtors as well as home buyers need to know this.  Coming for the both adds credibility to us all.

 

 

Apr 25, 2011 03:13 AM
Sherry Scales
Austin Texas Homes, LLC - Leander, TX
Realtor, for Austin, TX and surrounding areas

I emailed you my version. I think something like this should be included in every contract for purchasing a home.  Maybe I should fancy mine up a bit.....but they get the point.

Apr 25, 2011 05:17 PM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

"Why doesn't this warning get to buyers from their agents or loan officers????  Somebody????"

It just did, once again.

 

Apr 28, 2011 04:14 PM
Larry Atkins
State Wide Realty Co. - Farmville, VA
Veteran Owned & Operated

These are great tips for any buyer....so often any one of these can ruin a sale.

May 02, 2011 06:02 AM
Kristine Ginsberg
Elite Staging and Redesign, LLC - Short Hills, NJ
NJ Home Stager

Jeff - I want to give this list to eveyone I've ever known! Such valuable information in a nice, neat list! I'm so glad I checked out your blog - I'm loving it! ~ Kristine

May 04, 2011 07:24 AM