Warning To Buyers Getting A Mortgage

Whether you are getting a mortgage for the first time, or are a seasoned pro…I remind my clients multiple times that under no circumstances can they commit any of the following offenses until the day AFTER closing!

Do Not Take On Any Additional Debt

  • Want to buy a new car? WAIT!
  • How about buying new furniture on credit? WAIT!
  • Purchase appliances on credit? WAIT!

No Late Payments

  • Pay your bills on time
  • Pay your bills on time
  • Pay your bills on time

No New Open Credits

  • Shopping for a new credit card? WAIT!
  • Open a store credit card so you can get discounts? WAIT!
  • Co-Sign on a loan? WAIT!

I know, I know. Why so strict Cori? Let me explain. Most mortgage companies will pull your credit right before closing to verify you have not committed any of the dreaded offenses above. If you are busted – “I forgot” won’t cut it. The lender can and will hold up closing to verify any new debts and make sure the additional debt has not affected your ability to repay your mortgage and throw your debt to income ratio out of range.

There is nothing worse than the ugly crying that goes on when a closing is delayed (and that is just from me)…In all seriousness, buying a home is stressful enough and making it down to the home stretch, only to hit another roadblock, can be devastating.

Your real estate agent should be knowledgable of the mortgage process and be guiding you along the way. As always, if you have questions or concerns, please comment below and be sure to check out “Why Work With Me” to find out a little more about my professional background.

– Cori Radley

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