A list of "DO's" and "DON'Ts" once you have a home under contract.

By
Real Estate Broker/Owner with Christiansen Group Realty (260)704-0843

I (Jared) grew up in a strict household.  I was constantly being told what to do and what not to do.  

 

DROVE.  ME.  NUTS.  

 

It's always seemed like there were more "DON'Ts" than "DO's".  It turns out that my parents just loved me and wanted the best for me.  I can see that now.

 

My mortgage banker partner and I care about our buyers and want what's best for them.  Like a lot of things in life, there are more "DON'Ts" than "DO's" once you've found the right house and have it under contract to purchase.  

 

If you want a smooth transaction and (hopefully) no issues with your mortgage loan going through, here is a list of what to do and what not to do...

 

DON'T

 

Credit cardDON'T apply for new credit.  You're risking your loan if you do.  

 

DON'T transfer balances or refinance any existing debt.  Please wait until after closing to do this.  

 

DON'T make any large purchases on credit cards.  I'm talking about a car, appliances, or a large charge on any card.  

 

DON'T pay off any existing loans or large credits.  Again, this can wait until after closing.

 

DON'T close or open any investment or retirement accounts.  

 

DON'T have anyone pull your credit and don't give our your social security number.  This can lower your credit score and lead to either a higher interest rate or even a denial of your loan.

 

DON'T quit your job.  Seriously, this has happened before.  Without a job there is no income which means there is no loan.  

 

We're hoping that you'll get the idea here.  At closing you will sign a document that states nothing has changed in your financial picture.  Your credit report will be pulled again by your lender a day or two before closing, so anything you might have done will be seen. 

 

DO'S

 

Lender in Fort WayneDO keep all of your bills current.  

 

DO continue to make all of your payments including car, rent, credit cards, etc.

 

DO let your lender know of any changes in your situation, even if you think it's a minor change.  

 

DO keep every deposit slip, bank statement, check stub, etc.  

 

DO keep your current job until after closing.  

 

Years ago before the real estate bubble burst it seemed that all you needed was a pulse and a signature to get a loan.  


Heck, when Amanda and I were flipping homes we would get "no doc" loans, where we basically told our lender (not the one we use now) how much we made and how much we needed and we would get a loan.  

 

Low credit scores weren't an issue back then.  A lot of the things listed above weren't as important as they are today.  

 

Today it's a lot tougher to get a mortgage, and in all honesty, we would rather have it that way.  

 

When you get a mortgage today your lender/mortgage banker is going to ask for a LOT of things from you.  They need documentation for everything!

 

Real estate agents in Fort WayneIt's not that they want to, it's because they have to.

 

We work very closely with a trusted mortgage banker that will be more than happy to walk you through every step of the lending process.  Feel free to give us a call and we can connect you with him.  

 

Thanks for reading and I hope you found this information valuable.  

 

 

Posted by

 

 

   

Fort Wayne Realtors Jared and Amanda Christiansen with Century 21 Bradley

Amanda Christiansen is an award winning Realtor with Christiansen Group Realty.

 

Jared Christiansen is a business partner and in charge of marketing and taking care of things behind the scene.

 

Enough about us...

 

Tell us what you want your real estate experience to be, and we will do it YOUR way.

 

Buying a home in Fort Wayne? Tell us your wants and needs. Let us know how you envision your family living.  Tell us what's important to YOU, and we'll find the community and home that fits.  

 

Selling your home in Fort Wayne?  Our job is to make you the most money possible in the shortest amount of time. We offer our sellers professional staging, professional photography, and more internet marketing than most. 

 

We are committed to giving you everything we have to offer.  We are both full time agents and will work around your schedule.  Do nights and weekends work better for you?  NO PROBLEM. We are here to help YOU at YOUR convenience.

 

Amanda can be reached at 260-704-0843, and Jared can be reached at 260-704-0842, or you can email us at JaredChristiansen@gmail.com, or Amanda427@gmail.com.

 

 

Comments (10)

Greg Miller
Ruoff Home Mortgage - Sarasota, FL
Florida Home Loans - Conventional,FHA,USDA,VA

Great pointers here Jared. If I only had a dollar for everytime I dealt with one of those DON'Ts !!

Feb 10, 2016 11:45 PM
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

I'm sure you've seen a very similar list Greg!  Ruoff was kind enough to let me borrow their list and make my own.  

Feb 10, 2016 11:53 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Great post, Amanda and Jared. I have two documents of a similar nature that I provide me clients called "The 10 Commandments of Buying a Home" and "Don't Get Yourself Into A Pickle," which cover these same issues.

Feb 11, 2016 12:25 AM
Jeff Stevens
Berkshire Hathaway HomeServices New Mexico Properties - Las Cruces, NM
Jeff Stevens, Associate Broker/REALTOR

Good list, Jared. My all-time favorite is the buyer that has a contract on a house and then goes out and buys furniture for the new house. Only problem, there will be no new house now because the loan does not go through for the thousands of dollars they just spent on furniture. Ugh!

Feb 11, 2016 12:29 AM
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Good list of dos and don'ts for potential buyers about how to keep themselves in line to buy.

Feb 11, 2016 07:04 AM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Jared- this is a check list for all buyers!!  And, they need to see this before they do any of the "don'ts"

Feb 11, 2016 09:50 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

And add to the list "don't dispute anything on your credit report" EVEN if it's wrong.  You just don't get approved with a dispute on there.  

Feb 11, 2016 12:32 PM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Jared, excellent information for buyers to heed when looking to purchase a home.

Feb 19, 2016 12:59 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jared, great list, and surprised it did not get Featured.   I almost had a heart attack with one buyer that bought a CAR before closing.  Then, found out he had a conversation about lower his car payment, and buying a lower priced car.  

Feb 22, 2016 11:20 PM
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

Thanks for stopping by everybody!  

Feb 23, 2016 12:23 AM