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Another DON'T DO IT...

By Doug Dawes

Real Estate Agent with Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA 92593-B

July 10, 2024 08:30 AM

If you are a buyer of Real Estate there are things you need to do and things you shouldn't do. So, your offer has been accepted, your Realtor® has scheduled a home inspection, and you have submitted your home financing application. There's still more to do but today we're providing another DON'T DO IT after you've started the financing process. You really want the financing, right?

Things To Avoid After Applying for a Mortgage

Some Highlights

There are a few key things you’ll want to avoid after applying for a mortgage to make sure you’re in the best position when you get to the closing table.
Don’t change bank accounts, apply for new credit, make any large purchases or transfers, and don’t co-sign loans for anyone.
Here’s a good rule of thumb. Always connect with your loan officer before making any financial decisions once you’ve started the mortgage process.

Re-Blog

Comments(18)

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Nick Vandekar, 610-203-4543

Realty ONE Group Advocates 484-237-2055 - Downingtown, PA

Selling the Main Line & Chester County

A builder representative told me about a buyer they had for the very last home left, the model. Home was under contract, the buyer was a high flying executive with a very large income etc. etc. Well they thought they could just go and buy all the furniture for the house whilst it was under contract, ended up losing them the house, not sure what they did with the furniture.

Jul 10, 2024 08:35 AM

Jeff Masich-Scottsdale...

Scottsdale, AZ
Carol Williams

Wenatchee, WA
Doug Dawes

Topsfield, MA

Will Hamm

Hamm Homes - Aurora, CO

"Where There's a Will, There's a Way!"

Hello Doug and this is so true for buyer to listen to before they close on a home. Thanks for sharing this.

Jul 10, 2024 08:36 AM

Doug Dawes

Topsfield, MA

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Morning Nick Vandekar, 610-203-4543

I think we've all had clients or at least heard of buyers who do similar things...EVEN AFTER they've had it explained to them as to why.

Jul 10, 2024 08:47 AM

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Morning Will Hamm

Thank you for reblogging the post. The more information gets out there the better off some (not all) will be cuz they won't have all the stress of making short-sighted decusins...lol

Jul 10, 2024 08:50 AM

Carol Williams

Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA

Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

All great advice, Doug.
These are things the loan officer should explain when they make their initial application.

Jul 10, 2024 09:40 AM

Doug Dawes

Topsfield, MA
Jeff Masich-Scottsdale...

Scottsdale, AZ

Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI

HomeSmart Real Estate - Scottsdale, AZ

Arizona Homes and Land Group/ Buy or Sell

The buying a car after a home offer has been accepted has happened to my clients before. A definite "don't do it". Jeff

Jul 10, 2024 09:53 AM

Doug Dawes

Topsfield, MA

George Souto

George Souto NMLS #65149 - Middletown, CT

Your Connecticut Mortgage Expert

Doug Dawes all of these things can cause a mortgage application to go sideways REAL QUICK!

Jul 10, 2024 01:12 PM

Doug Dawes

Topsfield, MA

Dorie Dillard Austin TX

Coldwell Banker Realty ~ 512.750.6899 - Austin, TX

NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Doug,

What a great post! Doing any of these things can cause your mortgage application to tank. I had a buyer go out and buy a boat once after I told him NO large purchases of any kind! He didn't think it applied to him!!

Jul 10, 2024 03:19 PM

Doug Dawes

Topsfield, MA

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Evening Carol Williams

I guess the real issue comes when the please don't do's are ignored and suddenly the buyer is freaked out because the loan got denied.

Jul 10, 2024 03:44 PM

Carol Williams

Wenatchee, WA

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Evening Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI

I think that happens, e..g. buying a new(er) car, more than we'd care to know. It really screws up everyone's day

Jul 10, 2024 03:47 PM

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Evening George Souto

The question would be, how do we educate and have people follow the instructions? Most do. It's just those few, you know what I mean?

Jul 10, 2024 03:48 PM

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Evening Dorie Dillard Austin TX

He musta thought it was a small boat and it wouldn't matter to anyone. Guess the buyer wanted a boat more than a home.

Jul 10, 2024 03:50 PM

Kat Palmiotti

eXp Commercial, Referral Divison - Kalispell, MT

Helping your Montana dreams take root

These are excellent reminders of things not to do when in the middle of a mortgage process. I had a buyer who, unbeknownst to me and the mortgage lender, leased a very expensive car right after he applied for his mortgage. He is so lucky the mortgage person was able to get the deal to close - we didn't even find out until the credit check right before closing. Geez.

Jul 11, 2024 05:24 AM

Doug Dawes

Topsfield, MA

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Afternoon Kat Palmiotti

There are so many stories like the one you just shared. It can be very frustrating for the mortgage underwriters, real estate agents and a totally emotional response from a buyer when their actions negate a transaction.

Jul 12, 2024 11:28 AM

Kat Palmiotti

Kalispell, MT

Patricia Feager

Flower Mound, TX

Inactive/Semi Retired Real Estate Agent

Doug Dawes - I liked your infogram. It is so true! Many will get swept away thinking it will be smooth sailing. What few prospective buyers know, the days before closing are like flying a plane. It's the landing that can be hardest part. Too many buyers crash before they get to the other side and can close successfully.

Excellent and true advice!

Aug 06, 2024 02:05 PM

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Morning Patricia Feager, ABR,CRS,GRI,MRP

The easiest part of flying is the takeoff and as you say the landing can get tricky and the buyer can go off course, too.

Aug 07, 2024 08:22 AM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Doug, my client thought it would be funny to call me and let me know they just bought a new electric car! I gasped, they are UC with a new build. Then he said, the payment was half of the old payment, and already ran it by the lender. Such a funny guy!

Aug 31, 2024 03:11 PM