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What NOT to do when Getting a Mortgage!!

By Jen Wetzel

Real Estate Agent with RE/MAX Executive

August 21, 2012 05:54 AM

As lending guidelines have tightened, it is always remember to play it smart when buying a home and getting a mortgage. These 8 tips are just a few things you can do to assure you close on your loan!!

8 Items to avoid when obtaining a mortgage!

Don't accept a cash gift without filing the proper "gift" paperwork
Don't buy a new car or trade-up to a bigger car lease
Don't quit your job or start a new company
Don't transfer large sums of money between bank accounts
Don't forget to pay your bills
Don’t dispute any accounts
Don't open new credit cards -- even if you're getting 20% off
Don't make random, undocumented deposits into your bank account

Thanks to Geoff Brown at New American Mortgage for sharing this information. He can be reached at geoff.brown@newamerican.com or 704-728-6286.

Fort Mill Real Estate

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Daniel J. Brudnok, REALTOR

Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA

SRES, e-PRO,ABR,GREEN,CSP

Jen,

Once you have a mortgage approval and an Agreement of Sale.....the serious fun begins.

Aug 21, 2012 05:56 AM

Stephanie Greenberg

Lion Real Estate - Fresno, CA

Fresno Homes For Sale

Great list Jen! I especially like the last one about random deposits. It seems like so many buyers can not remember where the money came from that they deposited so they end up writing a letter of how they sold something on Craigslist.

Aug 21, 2012 06:00 AM

Karen Church

RE/MAX Integrity - Eugene, OR

RE/MAX Integrity: CDPE, SFR

Great information. I wish all buyer's would follow these guildelines.

Warm regards,

Principal Broker Remax Integrity Eugene, Oregon

Aug 21, 2012 06:02 AM

Bill Reddington

Re/max By The Sea - Destin, FL

Destin Florida Real Estate

A few times have had a buyer quit their job for a different position. Always managed to work it out but was interesting at best.

Aug 21, 2012 06:03 AM

Jen Wetzel

RE/MAX Executive - Fort Mill, SC

NC/SC Realtor-With Jen, You Win!

It is crazy what buyers will do when they are in processing for a loan....I am sure you all have horror stories. This is a great reminder!!

Aug 21, 2012 06:05 AM

Dan Hopper

Dan Hopper - Gold Way RE - Westminster, CO

Colorado Broker / Referral Services

Good postng, Jen. Yes, we have all experienced a buyer doing these 'don'ts' and we all suffer the consequences, whether working with the buyer or the listing broker.

Aug 21, 2012 06:14 AM

John Pusa

Glendale, CA

Jen - Thank you for sharing detailed list of information about what not to do when getting a mortgage.

Aug 21, 2012 07:35 AM

Glad you enjoyed it!

Aug 21, 2012 07:40 AM

What NOT to do when Getting a Mortgage!!

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