Don't! Don't!! Don't!!! Torpedo Your Loan

Very important for buyers to understand and follow your guidelines.  Excellent post!

It’s always good to stop and consider your decisions and all of your options when the situation is as equally complex

Great points and illustration Thomas. Buying a car during the loan app is certainly a no no. Jeff

Thank you for sharing this information for our buyers, Thomas. This could come in very handy 🙂.

Great list to keep in front of Buyers during the process. The lenders I use also have a similar list. I have heard many stories that have sunk a loan where a borrower absentmindedly buys furniture , jewelry or a car. 

Hello Thomas - lessons are a part of life, especially in real estate where most don't practice it (or participate) consistently.  "Sharing is caring" and that information continues to be worthwhile.  

When people are under contract to purchase a home, they should definitely consult the lender before doing anything financially that is outside of their normal routine.

Oh yes, we need to paste these reminders to anyone who is borrowing to their bathroom mirror!

1. Don't switch from a salaried or w-2 job to a commissioned job.
2. We will all in trouble following that advice.  Do you have a realtor 401k plan? 

Well deserved feature Thomas.  I had to learn a few of these the hard way also.  I am going to share this information on my social media.  It is good for my clients to hear from someone other than myself!  I love your pictures and your caption, it is perfect! Have a great day!

Great post, Thomas. Reminds me of the document I hand out with similar advice, which I call "Don't Get Yourself Into A Pickle" and it has a picture of a pickle jar on it.

Great illustrations.  Yes...many torpedo their own success.

Excellent information Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets!!!

I would also add that running up existing credit card balances after the Lender has initially pulled credit can also be a bad idea.  Lenders pull a "credit refresh" at the end of the escrow period (before they fund the loan). If the original balance on the Capital One credit card was $1000 (with a minimum payment of $25.00), we could have problems from a debt-to-income (DTI) ratio if that same credit card now showed a balance of $10,000 (with a minimum payment of $250.00). Just be aware of the credit refresh too...by the way, if we see a brand new credit inquiry from Porsche Financial Services on the credit refresh, we might have even bigger problems!

Excellent Post!  Every Buyer needs to be aware of these pitfalls!  I have had a few of these happen in my 27 years in real estate ... and even when we tell our buyers they sometimes just "forget".  

I unintentionally came back to this one but I’m glad that I did because I get to appreciate the metaphor and the great picture! :

This is an excellent list of don'ts! I have had some of these happen as well, and it's not a pretty picture!

Hi Thomas,
It's surprising to me how little common sense people have when utilizing credit and especially when purchasing a home.  Great list of things not to do during the loan process.

If only people would listen! We once had buyers who had tried to buy 3 different houses - none of which would appraise. And then, finally, they were set to close. Until the day before closing, when they drove up in a brand new car.

After warning customers and clients about these perils time after time I can never figure out why they think they are immune to the consequences. Rectifiable, usually yes, however, the quandary continues to exist. Dive, dive, dive!

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week!
Joe Jackson, Realtor-KWCP