Ho! Ho! Ho! Don't "SAVE" or "BARGAIN" Yourself Right Out of Buying Your New Home

Reblogger Nina Hollander
Real Estate Agent with Coldwell Banker Realty

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" Yourself 
Right Out of Buying Your New Home
     I'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 ...  
Contact Gene Mundt, Mortgage Lender for Solid, Sound Mortgage Advice
     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 runContact Gene Mundt, Mortgage Lender for Solid, Sound Mortgage Advice any 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.
     Contact Gene Mundt, 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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Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Great reminder! I've reblogged on my site...some things you can't repeat too often! Thanks.

Dec 04, 2012 03:46 AM #1
Bryan Robertson
Los Altos, CA

This is really timely advice and I'm glad I saw it in the reblog.  So many people are tempted by the offer of cheap credit they don't understand it'll wreck their chance of getting the home.

Dec 04, 2012 03:47 AM #2
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Nina:  Thanks so much for re-posting this message.  I think it's a very important one and with us being in the Holiday Season ... timely too.  Appreciate it greatly!


Dec 04, 2012 05:22 AM #3
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Nina Hollander

Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor
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