First Time Home Buyers–Beware!!!
Another First Time Home Buyer Disaster
Please Dont Let This Happen to You
Janis Gagliardi, a real estate expert in Port Orange Florida, shared this DISASTER story of a First Time Buyer in her PortOrangeJuice.
Anyone, Anywhere in the country buying their first home should follow her advice:
€œWe searched and found a beautiful home for a young couple a few months back and successful negotiated and went under contract. The couple was pre approved by their lender and had provided the document to the sellers which helped solidify the deal.
Just before closing their credit was pulled again as underwriting normally does. Our customers (buyers) received a call from their lender and much to their horror were informed that they were not approved to close.
To make a long story short, they had given a family member a credit card to a furniture store and over $10,000 in furniture had been charged to their account! The lender disapproved the loan. Not a pretty story!
We always inform our buyers not to charge anything, change jobs, or buy a car before closing.This has been known to end many a sale! It is very important to not charge anything or apply for other loans during this sensitive period.
Please follow her tips to make sure you close on your loan…
putting you one step closer to buying your First Dream Home in New Jersey:
DO NOT increase your credit card balances and or loan balances
- DO NOT apply for additional or new credit, or put balances on a paid credit card
- DO NOT ignore late payments and/or collection notices that you may get during the course of your loan
- DO NOT purchase anything that is €œthe same as cash €“ it will show on your credit report as a debt
- DO NOT buy furniture, cars, or appliances until after closing. There will be special sales that happen throughout the year. What good is furniture if you dont have a new home to put them in!
- DO NOT lend money to family members, friends, etc. if you need it for closing.
- DO NOT store your money at home. Place it in a bank account so that it can be documented as savings throughout the loan process.
- DO NOT have overdrafts on your checking account”