What NOT to do when Getting a Mortgage!!

By
Real Estate Agent with RE/MAX Executive

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!

  1. Don't accept a cash gift without filing the proper "gift" paperwork
  2. Don't buy a new car or trade-up to a bigger car lease
  3. Don't quit your job or start a new company
  4. Don't transfer large sums of money between bank accounts
  5. Don't forget to pay your bills
  6. Don’t dispute any accounts
  7. Don't open new credit cards -- even if you're getting 20% off
  8. 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 

 

Posted by

With Jen You Win

Keller Williams Realty

704-996-8195

jen1@kw.com

Comments (8)

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

Jen,

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

Warm regards,

Karen Church

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
Denver Broker / Author / Advocate/Short Sale

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
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

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

Aug 21, 2012 07:35 AM
Jen Wetzel
RE/MAX Executive - Fort Mill, SC
NC/SC Realtor-With Jen, You Win!

Glad you enjoyed it!

Aug 21, 2012 07:40 AM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?