Don’t Do It!

by char-maccallum-real-estate-group-inc

iStock_000004411494XSmall(er).jpgYou’ve seen lists telling buyers what to do to find the right home but knowing what not to do can be just as important.  After finding the right Kansas City home, negotiating a contract, making a loan application and inspections, buyers, understandably, start making plans to move and put their personal touches on the home.

One of the most important parts of buying a home is finalizing the mortgage information.  At the Char MacCallum Real Estat Group we can’t stress enought that in today’s tenuous lending environment, little things can derail the process which isn’t over until the papers are signed at settlement and funds distributed to the seller. Verifications are made by a lender at the beginning of the loan process to determine if the buyer qualifies for the mortgage. The verifications are usually done again just prior to the closing to determine if there have been any material changes to the borrower’s credit or income that might disqualify them.

Simply stated:

1. Don’t make any new major purchases that could affect your debt-to-income ratio
2. Don’t apply, co-sign or add any new credit
3. Don’t quit your job or change jobs
4. Don’t change banks
5. Don’t open new credit accounts
6. Don’t close or consolidate credit card accounts without advice from your lender
7. Don’t buy things for your new home until after you close
8. Don’t talk to the seller without your agent

The Char MacCallum Real Estate group and lenders are working together to get you into your new home. It’s understandable to be excited about one of the biggest decisions you’ll make and that you feel you need to be getting ready for the move.

Planning is smart but don’t do anything that would affect your credit or income while you’re waiting to sign the final papers at settlement.  If you have any questions, please don’t hesitate to call your real estate agent to ask.  It’s better safe than sorry.  We can be reached at the Char MacCallum Real Estate Group at 913-782-8857.