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Tuesday, September 17, 2019

Don't Do It

You found the right house and have submitted an offer and the offer was accepted - how exciting is that! Next, you follow through with your pre-approved mortgage and submit everything to get final approval and close on your new home in about a month or so.

Now life goes on and change happens. You accept a new job offer. OH NO! Maybe you are so excited, you buy a new car or truck - or maybe the one you have breaks down and instead of fixing it, you buy and finance a new one - glad to see the old one gone. OH NO! Still in that new home euphoria, you decide to start shopping - after all some retailers seem to offer 99 years interest free.... or realistically more like 4 or 5 years interest free, does not matter. You can finance it. OH NO!

There are more OH NO's and any one of them can cause your mortgage application process to collapse. The lenders look at certain things in qualifying and approving your mortgage loan. There are numbers and ratios that are considered. You throw that off with additional debt or the like and those numbers may disqualify you. OH NO!

Sometimes we read things and think it "does not apply to me" - this list of "Don't Do It" items does. Whether you are a future buyer - or an agent representing a future buyer, experience taught me it really can happen. It does happen. So be prepared and check out today's article for more things you should not do while in the process of buying a new home and applying for a mortgage.

And, maybe you can help family or someone in your circle of friends - share this article. This information is not just for my clients, it is for everyone considering buying a home. It really is that important.

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