When Buying A Home 10 Things Not To Do
If you're considering buying a home in Huntsville, Madison Alabama or the surrounding area try
searching my real estate website. If you want to help ensure a successful closing then please read the list of things below that you should not do before purchasing a home.
I was talking with Frankie Wooten of iFreedom Direct recently about details of a recent transaction and our conversation turned to buyers and why at the last minute a loan falls apart. There can, of course, be many reasons a loan approval might be denied last minute, but often it's the buyer who sabotages the success of a mortgage.
Many times the buyer will do something that changes their financial picture or well being and when the prospective home owner is battling a border line credit score or debt to income ratio the smallest of changes can be the difference between owning a home or...not! I have no doubt that every real estate professional, agents, lenders alike will agree with the list below.
I don't know the origin of this, but Frankie sent it to me and every person who is considering buying a home should print this off and live by it through the day of closing.
10 Commandments When Applying For A Loan:
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I. THOU SHALL NOT CHANGE JOBS OR BECOME SELF-EMPLOYED
II. THOU SHALL NOT BUY A CAR, TRUCK OR VAN UNLESS YOU PLAN TO LIVE IN IT.
III. THOU SHALL NOT USE YOUR CREDIT CARDS OR LET YOUR PAYMENTS FALL BEHIND.
IV. THOU SHALL NOT SPEND THE MONEY YOU HAVE SAVED FOR CLOSING COSTS.
V. THOU SHALL NOT BUY FURNITURE BEFORE YOU BUY YOUR HOUSE.
VI. THOU SHALL NOT ORIGINATE ANY NEW INQUIRIES ON YOUR CREDIT REPORT.
VII. THOU SHALL NOT MAKE ANY LARGE DEPOSITS INTO YOUR BANK ACCOUNT,
VIII. THOU SHALL NOT CHANGE BANK ACCOUNTS.
IX. THOU SHALL NOT CO-SIGN FOR ANYONE.
X. THOU SHALL NOT PURCHASE ANYTHING UNTIL AFTER THE CLOSING.
Original content posted at....http://nicktpappas.com/?p=3742
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