When you are buying a home you should not do these things during the buying/loan approval process:
· Don't quit your job
· Don't change your job
· Don't get a promotion
· Don't buy any large ticket items ($5 or more)
· Don't make David Copperfield deposits (all funds need to be traceable)
· Don't talk to the sellers directly (loose lips sink ships)
· Not getting a gift letter and a bank statement for funds
· Not telling the person who is giving you the gift that you will probably need a gift letter and some proof (usually a bank statement) that they had the money to give
· Not telling your agent you are allergic to animals
· Not being completely honest with the lender about child support, alimony, wage garnishments or any other payroll deduction
· Getting advice from a buying committee that has not purchased in the last year (the rules change daily)
· Waiting to see everything else that is on the market
· Don't trash the property in front of the owners
· Don't call the other agent on the For Sale sign
· Don't attend open houses and new construction without your selected agent
· Not telling your agent if you have a house to sell
· Delaying paperwork because you are irritated by the frequency and number of request from the mortgage company
· Finding a lender on the internet that offers a .001 interest rate
· Not realizing it is possible to find what you are looking for the very first day you go out (this happens more than you think)
· Waiting to find the absolute PERFECT house. You will always be limited by income, zoning, inventory at the time, and/or legislation and/or property taxes.
· 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!
· Don't co-sign loan for even a candy bar!
· Don't schedule a vacation before we close that will limit your communication capability
· Don't order DirecTV, Cable, Telephone or any utility that will pull a credit report unless you want to write a letter of explanation about the credit report t the mortgage company (order these after loan approval)
· Don't change your name during the mortgage process
· Not being up front with your loan officer (hiding information)
· Not realizing the clock starts ticking from the time the loan officer get the contract, not the date it was written