Things NOT to do during Loan Process



Things You Should Absolutely NOT Do!!

  • Don’t quit your job
  • Don’t change your job
  • Don’t buy any large ticket items ($5.00 or more)
  • Don’t make David Copperfield deposits (all funds need to be traceable)
  • Don’t speak with Sellers directly (loose lips sink ships)
  • Not telling the person who is giving you gift funds that you will probably need a letter and some proof that they had the money to give you
  • Not telling me if you are allergic to animals
  • Not being completely honest with your lender about child support, alimony, wage garnishments or any payroll reduction
  • Don’t get advice from a buying committee that has not purchased in the last year – the rules change almost daily
  • Don’t wait to see everything else that is on the market
  • Don’t call the other agent on For Sale signs
  • Don’t attend open houses and new construction without me
  • Don’t not tell me if you have a house to sell
  • Don’t delay paperwork because you are irritated by the frequency and number of requests from your Mortgage Company – the rules have changed!
  • Don’t find a lender on the internet that offers a 0.001 interest rate and/or is outside of the area
  • Don’t forget…it is possible to find what you are looking for the very first day you go out (this happens more than you think….)
  • Don’t go home and sleep on it (in a hot market, if you sleep on it, you might not get to sleep in it)
  • Don’t wait to find the absolute PERFECT house. You will always be limited by income, zoning, inventory at the time, taxes or legislation
  • Don’t forget the 80/10/10 Rule! If you find a house that has 80% of what you are looking for, 10% of things you can change and 10% of things you can live with, it’s a keeper
  • Do NOT co-sign – not even for a candy bar!
  • Don’t schedule a vacation before we close – especially a prepaid, non-refundable cruise or vacation
  • Don’t order Direct TV, cable, telephone, internet or any utility that will pull a credit report, unless you want to write a letter of explanation about the inquiry on your credit report to your mortgage company
  • Don’t change your name during the mortgage process
  • Don’t start looking for your new home BEFORE you are FULLY approved – nothing hurts as much as finding the house you love and losing it because someone else beats you to it because you were not completely ready to purchase
  • Not telling me what is MOST important to you
  • Don’t use a 100% online lender
  • Not using name on driver’s license for mortgage documents
  • Do not look at a short-sale if you need to move immediately
  • Do not consider a short-sale if you need to be in control of the process
  • Don’t use an attorney that does not SPECIALIZE in Real Estate
  • Not telling your lender if you lose your job before you close