You have done the hard part in the homebuying process and chosen a lender and a real estate agent to work with. You have also gone out and found the home of your dreams! Best of all, your team has done a great job of negotiating the best deal for you.Now, as a buyer, all you have to do is sit back and wait for your loan to close … right? Wrong!!Getting a home loan these days is a very interactive process. I am always amazed by how many clients I work with who come to me unaware of all the pitfalls they face during the loan process. To help avoid any surprises while waiting for final approval, I provide my clients with a short list of “do’s and don’ts” to follow.Let’s start with the “do’s” …Do keep the process moving by responding to your loan officers’ requests for documentation as soon as possible.
Do make decisions as soon as is reasonably possible. Do convey questions or concerns you have as they develop. Do continue to make all of your rent or mortgage payments on time. Do stay current on all other existing accounts. Do continue to work your normal work schedule with no unplanned time off. Do continue to use your credit as normal. Do be prepared to explain any large deposits in your bank accounts. Do enjoy purchasing your home but remain objective throughout the process to help make decisions that are best for you.
After you have been preapproved for your mortgage you will want to refrain from the following …Do not make any major purchases (car, boat, jewelry, furniture, appliances, etc.). Do not apply for any new credit (even if it says you are preapproved or “xxx days same as cash”). Do not pay off charges or collections (unless directed by your loan officer to do so). Do not make any changes to your credit profile. Do not change bank accounts.
Do not make unusual deposits into your bank accounts or move money around from one account to another. Follow these simple rules and you will help to make your loan closing as smooth and hassle-free as possible! Good luck!
My last post covered the benefits of hiring a realtor. By now, yo
"You came recommended from a reliable source and gave us the impression from the beginning that you cared about our needs and limitations. You made available every property to meet our needs; even the internet website postings. You were accessible to show the properties when we desired to see them. You were patient for over 6 months while we waited for the right property to meet our needs. Chip made it a personal issue to himself and his team to find the best house for us and to care about our needs and limitations. We felt his struggles with what we struggled with and felt the joy in him and the team when we felt joy. We connected! Come on, what can we say? Y'all are an awesome team! Just keep treating every Client the way you treated us; with honesty, respect and integrity and you should not only have a loyal clientele but the knowledge of having truly helped those you work with. Our experience with TREMP has been both a pleasure and a blessing. Feeling that we were not going to be easy Clients to work with because of our limitations, we assumed that we would have been treated with an uncaring attitude. However, from the moment we walked through the door to the time we signed the contract on our house we felt like family. They made us feel like we were part of a team reaching for a common goal to find our family a home and a future in that home. We walked away saying, "Wow! We will be friends forever." Thank you TREMP for a wonderful home experience."