Common Mistakes Buyers Make After Applying For a Mortgage

Marianne Knowles, REALTOR with Lipply Real Estate explains the pitfalls that can occur when buyers make these mistakes.

Transcript

Congratulations - how excited are you - your offer just got accepted and you probably have all these thoughts in your head about all of these things you want to buy to furnish this home exactly to your liking. But before you do, let's talk about some common things that buyers do after their offer is accepted while they have applied for their loan. 

Hi everybody my name is Marianne Knowles, I run the Knowles Team Tampa Bay at Lipply Real Estate and let's get started. Starting with large purchases, you want to make sure that you are not getting ahead of yourself by wanting to buy all of your furniture without speaking to your lender. Anytime you make a large purchase your lender can use it against you as a debt and it can go against your debt-to-income ratio so don't do anything before you speak with them. 
 
Secondly, if you are planning on co-signing or co-signing for somebody a lot of people do it to help out a family member or a friend. Ultimately by co-signing, you are signing on for the success of that loan. So even if you are not planning on making any payments on the loan, your lender will have to make that against you as debt. You don't want to co-sign unless it is feasible for you to do so or if your lender has factored that in and it is okay to do so. 
 
Thirdly, you don't want to take money out of your account or add money in. That may not sound like a big deal but all money has to be traceable and all money has to be accounted for. You just can't throw money in there without showing where it came from and the reasons why. So again speak to the lender. 
 
And lastly, speaking of accounts, you don't want to close accounts, you don't want to move accounts, and you don't want to open accounts. Opening accounts is going to cause another line of credit. You want to make sure that anything you do you are always consulting with your agent and your lender because this is a fragile transaction and you want to make sure that everything you do you are communicating with your lender because unfortunately I have seen some instances where buyers are thinking that they are doing something harmless and ultimately it does affect this loan. 
 
If you have any questions and I say it all the time I am always here to help. Please feel free to reach out to me.
Marianne Knowles, REALTOR, Lipply Real Estate - (813) 720-9201

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