Sarah Buys & Sells
  • Real Estate
  • Client Reviews
  • Real Estate & History Blog
  • Architectural Photography
  • Website Design
  • Video Design
  • Contact

Real Estate
&
History Blog

Important Things To Avoid Prior to Buying A Home

10/12/2015

0 Comments

 
Picture
Ok, this sort of post is dry I know but it is still important - sort of like your Great Aunt Rita's pot roast.

Don't buy expensive items

Many new homeowners rush out to buy things for their new home as soon as their offer is accepted by the seller.  Knowing you will have the newest, latest, largest flat screen TV in the new place is important (!) but your mortgage lender does not agree.  

Don't change anything with your job.

Don't change jobs.   Even if your boss is a jerk and this is 14th time they ask you to go take their poodle for a pedicure.   Or, if you are offered a great new, better paying job, this is also bad.  Honest.

The mortgage lender needs to see a boring job history before you apply for a loan but even more importantly a boring job history from when you applied until the closing.   Job changes can equal a dead closing.

Don't switch banks or move $ around.

Both seem like easy no big deal things that would be fine.   Between when you applied for the loan and when the home closes, don't move money around.   Lenders don't like to see a new bank name appear on your credit report that they will pull 5 days before the closing.  They also don't like big chuncks of money appearing in your bank during that period nor leaving your bank during that period.  If money has to move around in either direction, document it all and keep copies of the statements from the place the money left and the sister statement showing that money arriving in the other place.

Become great friends with your lender after your offer is accepted.

You were pre-approved for a loan.  Then you went house hunting, found THE best place and your offer was accepted.  Now you sit back and chill for 45 days right? 
 
Yuh-no.

Now you are going to call that lender (or another) and tell them you just received an accepted offer on this great new place.  They will then ask you to email them 549 documents.   Then right when you send those in, you will get another call saying they need another 23 more.   And the week after they will need 78 more.   It seems crazy but this is how the business works since 2008.   It is normal and this happens to every borrower.  Don't take it personally and get those forms in promptly so you don't lose your deal.

0 Comments



Leave a Reply.

    Archives

    October 2022
    September 2022
    August 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    January 2021
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    September 2017
    August 2017
    May 2017
    April 2017
    March 2017
    December 2016
    October 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014

    Categories

    All
    Evanston
    Glencoe
    Highland-park
    Kenilworth
    Lake Bluff
    Lake Forest
    Morton Grove
    Skokie
    Wilmette
    Winnetka

    Author

    Sarah Rothschild, Realtor & Architectural History Nerd.

    RSS Feed

Picture
Sarah Rothschild reviews
Picture
Picture
Sarah.Rothschild@cbexchange.com
847/361.9057
© 2022  Sarah J Rothschild
Photo used under Creative Commons from Danijel J
  • Real Estate
  • Client Reviews
  • Real Estate & History Blog
  • Architectural Photography
  • Website Design
  • Video Design
  • Contact