The Movie Almost Killed the Deal
During my initial consults with home buyers I go over the process, give an overview of mortgages, talk about the local market conditions and answer questions.
I also mention credit and how you should not do any of the following during the home buying process:
- Buy a Car
- Open a new credit card
- Buy all new furniture
- Quit your job
I review this again when the buyers locate a home and are under agreement.The lender pulls your credit and verifies your employment right before closing.
Recently I was working with some very nice buyers on the purchase of their first home. About a week before closing my clients went on a trip. When they got their hotel bill there was a movie on their bill that they did not order. The hotel would not take the movie off the bill so they put in a dispute with the credit card company.
They were cleared to close and the lender pulled their credit as one of the final steps in the process. The dispute showed up causing a delay to the closing. Fortunately, this lender was able to give the buyers advice on how to remove the dispute in a timely manner. It’s not always easy to remove a dispute once it is on your credit. You can not get a mortgage with a dispute on your credit.
I will be sharing this story in my initial home buyer consult.
Do you have questions about the home buying process? Please contact me.
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