By Jane Clark
KW McKinney Realtor Jane Clark has seen a lot of successful home loan closings in her long experience in McKinney Real Estate. Most closings go along really smoothly because of the extremely professional standards she adheres to. But there are times … and lessons learned where all the great procedures and professional standards just don’t seem to help and you are looking at 4th and long with seconds on the clock before a good closing turns terribly bad.
We asked Jane about her experiences with such closings and came up with some really really good advice for potential home buyers qualifying for a loan. Here is what she said …
”As much as I blog about what not to do when purchasing a home, and as much as I warn and advice clients when they are applying for a mortgages about what NOT to do until they have closed on their loan, they still do it.”
And yes, There are several things that a Borrower/Buyer should not do while they are in the process of purchasing a house which we can recover from; but, there are 5 Absolute “Do Not’s” when purchasing a house that will have your seller scrambling to find alternative buyers. The 5 Absolute “Do Not’s” when purchasing a house below are so important that anyone one of them can easily bring a Loan Approval and Closing to a screeching halt. The 5 Absolute Do Not’s when purchasing a house are:
• DO NOT go out and buy a new car, or furniture or ANY other large purchase. The new payment could disqualify you from being able to qualify for the mortgage.
• DO NOT stop making payments on your bills such as credit cards, student loans, car payments, rent, utilities, etc.
• DO NOT apply for new credit cards while your mortgage is being approved. This could lower your credit score, and if your credit is checked again before the Closing you may no longer qualify.
• DO NOT make large deposits or withdrawals that you can not document.
• DO NOT quit your job, even if it is for a better one. A change in jobs will mean that you will have to produce 30 days worth of paystubs for the new job, and this could delay your Closing.
As I stated above, there are other “Do Nots”, but these are the BIG Do Not’s. Is there a “DO” to balance the DO Nots ? There certainly is … ASK! When purchasing a home, if there is ANY doubt on whether to do something or not, CALL your Loan Originator and ASK. The few minutes that it takes to make a quick simple phone call, could save hours of delays and problems later on, or worst, the mortgage being denied. If you need to talk with a good mortgage professional before starting the process .. ASK. Jane’s resident McKinney Mortgage expert Chuck Miller at First Bank is Happy to assist.
About McKinney Realtor® Jane Clark,
Jane Clark Realty is associated with Keller Williams McKinney. Your Listing deserves the Jane Clark touch. Jane is a nationally recognized TOP 5 elite producer for Keller Williams. Jane Clark has been featured in national media as a Real Estate technology expert. She is a perennial winner of D Magazine’s Best Realtor award and has been voted the BEST McKinney Realtor. Jane specializes in homes for sale in McKinney and is a successful Allen TX Realtor as well. Jane Clark has been a fixture in McKinney real estate for 14 years and her office is located at