You have decided to buy a house and everyone is
offering advice on what you what you should do...
but just as important is
what NOT to do when buying real estate!
offering advice on what you what you should do...
but just as important is
what NOT to do when buying real estate!
Brenda's Top 10 List of
What Not To do When Buying Real Estate
10. Talk too Much
It is tempting to be best buddies with the seller,
but let your Real Estate agent handle the negotiations.
9. Lie to your Loan Officer
It is tempting to exaggerate your income
to improve your chances of getting your dream home,
but the loan officer will verify all your financial information.
8. Ignore your Lender
Not getting your lender the documents and information that
they request will just delay or stop any progress on your loan.
7. Cosign a Loan
Cosigning any loan for someone else
will directly affect your credit, so until you close on your loan...
don't cosign anything.
6. Make Large Deposits
Of course you are trying to save for closing and all the expense
that come with purchasing real estate, but your lender will want to investigate
the source of the funds on unusually large deposits.
5. Panic
There is a lot involved in purchasing real estate and obtaining financing,
but panicking will not make the process go any more smoothly.
Surround yourself with professionals that you trust and let them work for you.
4. Touch your Money
Changing banks, closing accounts or applying for new credit can all
cause problems when financing a real estate purchase.
It is best not to do anything that changes your finances.
3. Make a Big Purchase
It is tempting to run out and charge furniture for your new home...
or you may decide you need a new car...
but don't make any big purchase until after you close.
This will change your credit report and may jeopardize your closing.
2. Forget about Utilities
Nothing is more disappointing than closing on your new home and
going over to celebrate only to discover there is no electricity.
Don't forget to call to turn on utilities before you close.
1. Quit your Job
It seems obvious, but don't quit your job.
When the lender calls the morning of closing to re-verify your employment,
they will cancel your closing if you are not still employed.
For more information about purchasing Real Estate,
call Brenda at (207)784-3800
or e-mail brenda@fontaineteam.com.
In the meantime, visit us at www.brendafontaine.com.
It is tempting to be best buddies with the seller,
but let your Real Estate agent handle the negotiations.
9. Lie to your Loan Officer
It is tempting to exaggerate your income
to improve your chances of getting your dream home,
but the loan officer will verify all your financial information.
8. Ignore your Lender
Not getting your lender the documents and information that
they request will just delay or stop any progress on your loan.
7. Cosign a Loan
Cosigning any loan for someone else
will directly affect your credit, so until you close on your loan...
don't cosign anything.
6. Make Large Deposits
Of course you are trying to save for closing and all the expense
that come with purchasing real estate, but your lender will want to investigate
the source of the funds on unusually large deposits.
5. Panic
There is a lot involved in purchasing real estate and obtaining financing,
but panicking will not make the process go any more smoothly.
Surround yourself with professionals that you trust and let them work for you.
4. Touch your Money
Changing banks, closing accounts or applying for new credit can all
cause problems when financing a real estate purchase.
It is best not to do anything that changes your finances.
3. Make a Big Purchase
It is tempting to run out and charge furniture for your new home...
or you may decide you need a new car...
but don't make any big purchase until after you close.
This will change your credit report and may jeopardize your closing.
2. Forget about Utilities
Nothing is more disappointing than closing on your new home and
going over to celebrate only to discover there is no electricity.
Don't forget to call to turn on utilities before you close.
1. Quit your Job
It seems obvious, but don't quit your job.
When the lender calls the morning of closing to re-verify your employment,
they will cancel your closing if you are not still employed.
For more information about purchasing Real Estate,
call Brenda at (207)784-3800
or e-mail brenda@fontaineteam.com.
In the meantime, visit us at www.brendafontaine.com.
ovided to them at your pre-approval, check your credit report and order the title work and appraisal. It is important to be cautious and not do anything that will change your financial situation until closing. Don't buy a new car, go on a shopping trip with your credit card, skip any scheduled payments or quit your job. A change in your finances can impact your eligibility for the mortgage.