Ho! Ho! Ho! Don't "SAVE" or "BARGAIN" Yourself Right Out of Buying Your New Home
If you're in the midst of applying for a mortgage or planning to in the very near term, pay attention to the suggestion below. Otherwise, you might just end up being denied a loan. Any questions about applying for a mortgage in the Charlotte, North Carolina metro area, contact Carolinas Realty Partners. We'd be delighted to help and to put you in touch with top mortgage lenders in the area.
Ho! Ho! Ho!Don't "SAVE" or "BARGAIN" YourselfRight Out of Buying Your New HomeI've written on this topic before, but the Holiday season has rolled around once again ... and I think the topic so very important, that I'm revisiting it. Admittedly, a CBS "Money-Watch" article I saw just this morning triggered my action too ...It's Holiday Shopping Time! And that means "bargains" are everywhere and consumers are often buying Holiday gifts on credit. It's natural (and smart) to look for "bargains", no doubt about that. But what about those supposed "bargain" credit offers you're seeing? The ones touting 0% rates? How smart is it to utilize them?Well, it depends ...As pointed out in the above-mentioned article, the Credit Card Accountability, Responsibility and Disclosure Act passed by Congress in 2009, can give consumers a false sense of security while shopping.Ahhhh ... yes. The "fine print". That miniscule jibberish behind that asterik or underneath that beautiful bold print-offer in the store-front window. That "fine print" holds the answer to whether the offer is truly all that it seems on the surface.Shoppers need to take the time to clarify that "fine print". To ask questions about that credit offer PRIOR to making any purchase or signing on the dotted-line. And that's especially true, if that shopper is presently in the process of buying a home ... or considering doing so.Let me repeat that!If you're thinking of buying a home ... or are in the mortgage process right now ... STOP! Besides all the "fine print" and details of that credit that could come back to haunt you in sheer cost and money ... that "bargain" you think you're receiving could actually be the reason you are denied mortgage approval for a home. And yes, that's even if you are already in the mortgage process and you have been "approved" for a home loan.Remember me telling you to NOT take out any new credit or runany credit reports without checking with me first?? It was important. And this is a perfect example of why I told you that ...
Credit Reports are run again, just prior to Closing. Depending on your personal financial scenario, previous credit scores, recent expenditures, and new credit appearing on that fresh Credit Report ... your Mortgage Approval could be rescinded. Or at minimum, your Closing delayed until your credit is corrected back to acceptable terms/numbers.I've seen it happen when clients did not heed my warning on this topic. And sadly, they lost the ability to buy the home they were under Contract for. Solely because of a seemingly small amount of new credit extended them. That little purchase they made that they thought was saving them money, ended-up costing them dearly.It's clear: Not all supposed "bargains" are really that. Home Buyers ... and future Home Buyers ... must be aware of this fact and prioritize. They must assess what is truly important in reaching their ultimate goal of good FICO scores, approvable scores for mortgage financing (throughout their entire home buying and mortgage process) and ultimately ... a successfully purchased and financed home.In today's current mortgage financing, the definition of "Mortgage Process" must now include that time prior to actual mortgage application too. Home Buyers must be mindful of their credit and credit scores well in advance of that time when they actually apply for their loan.Home Buyers must remain vigilant throughout their entire mortgage process ... and sometimes, even past Loan Closing (depending on the mortgage program utilized to purchase). Working with an experienced professional Mortgage Lender ... and listening to their advice ... is crucial to your success.Ho! Ho! Ho! Don't "SAVE" or "BARGAIN" yourself right out of Buying your new home! Resist the temptations for "bargains" and 0% ... low credit financing offered you during the Holidays. At minimum, delay buying or taking action until you have talked to your Mortgage Lender.* Hoping to Buy a Home or Refinance your present home soon? Get the guidance and information you need to successfully accomplish your goals! Contact me today. I'll put my 35+ years of mortgage expertise and experience to work on your behalf.
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Gene Mundt
Mortgage Originator - NMLS #216987
IL Lic. #0006220 - WI License
NMLS #175656
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