Sometimes....no matter what...Homebuying Can Be Stressful

By
Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606
https://activerain.com/droplet/4wLX

We just closed a client this past week. The clients were people, albeit first time homebuyers. 

They got pre-approved for a certain loan amount, and the loan officer told them what they needed to do prior to closing.  Some of the comments were:

  • Don't rack up any more debt on the credit cards
  • Don't open up any new debt
  • And protect your downpayment

And????  What happened?  These very likeable, but new first time homebuyers lost their brains through the process. 

  • They ran up their debt
  • They opened a couple of department store cards that were too good to pass up
  • And...oh yeah...they dipped into their down payment funds because they figured that they wouldn't need all of hteir funds after they were verified

Guess what happened?  We did get the clients approved and the loan officer and the clients were all happy and loving each other at closing.  However.....there wasa  lot of unneccessary stress  in getting to closing.  The experience could have been so much better.

Sometimes even the best laid plans doen't work out as planned!

Maybe next time

!

Posted by

If you choose, you can find me here:

          Follow The Twittering Tweets on Twitter        Follow Bettag's Blabs on Facebook        Google Me If You'd Like        Follow Me On Linked In

 

Cherry Creek Mortgage Company       Path 2 Buy Certified Coach Follow me on Pinterest                 

                      NMLS ID#158606          Equal Housing Logo     An Illinois Residential Mortgage Licensee

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Illinois Kane County Saint Charles
Groups:
Mortgages
Mortgage Bankers
Illinois Real Estate
Tags:
fha
first time home buyer
fha loan
first time homebuyer mistakes

Spam prevention
Show All Comments
Rainmaker
863,796
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Larry - at least the buyers were lucky to have you as their agent. 

Nov 29, 2014 05:02 AM #1
Ambassador
1,164,025
Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

LOl, Larry. If they would always take our advice, and follow our recommendations, these loans would be less stressful. Have a Great Evening!

Nov 29, 2014 06:41 AM #2
Rainmaker
1,143,921
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

WOW I have had many of those and you shake your head every time and think "REALLY?"

Anyway good to see you back here in the rain again Larry!

Happy Thanksgiving

Nov 29, 2014 10:28 AM #3
Rainmaker
1,317,551
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

It is important to have THE TALK with homebuyers.  DO NOT DO THE FOLLOWING IF YOU WANT TO BUY A HOME!

Nov 29, 2014 01:16 PM #4
Ambassador
636,952
Larry Lawfer
YourStories Realty Group powered by Castles Unlimited® - Newton, MA
"I listen for a living." It's all about you.

Larry Bettag I have a sheet I share with every new homebuyer that shows stories just like this one.  It is our job to protect people from what they don't know by sharing these kinds of stories.  I am sorry your clients experienced this loss for them.

Nov 30, 2014 09:31 PM #5
Rainmaker
4,108,619
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Larry Bettag it is funny borrowers remember only what they want to.   They should not be closing around Black Friday!  

Nov 30, 2014 10:59 PM #6
Show All Comments

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

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

Ambassador
895,575

Larry Bettag

Vice-President of National Production
What to know how to buy if you're a bit credit challenged?
*
*
*
*
Spam prevention

Additional Information