Mortgage Process Tips For Home Buyers

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Mortgage Process Tips For Home Buyers

Guest blog by Kathy Sheehan, Georgia Mortgage Loan Professional, MiLend, Inc.,

Cell 770-634-4021

Mortgage loan applicants should keep in mind that during your application and documentation review period any slight change can result in a denial. Before you do ANYTHING, discuss the potential impact with your loan officer.

Regardless of the financing program, here is my list of do’s and don’ts to help eliminate hurdles as you go through the process.

1. DO NOT apply for any new credit

2. DO NOT change jobs

3. DO NOT make cash deposits into your checking account

4. DO NOT transfer funds from one account to another

5. DO NOT make any large purchases, such as furniture or appliances

6. DO NOT significantly increase the balances on credit cards

7. DO NOT schedule movers until your file is CLEAR TO CLOSE.

8. DO NOT make travel arrangements until your file is CLEAR TO CLOSE

9. DO NOT reduce or raise any credit limits on credit cards.

Here is the list of do’s

1. Immediately communicate any change of employment or income to your loan officer

2. Communicate clearly any pertinent dates, such as move out from apartments, etc.

3. Respond quickly to any requests made during the process for clarification or additional documentation

If a situation comes up, it is best to discuss it with your licensed mortgage professional before you take action!

Thanks, Kathy, for sharing this advice for our home buyer clients.

Be sure to have your camera in hand to capture the changing colors of the season when you are out and about in your community. 

Longwood Gardens IMG_2452

Photograph by Roy Kelley.  Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs 

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Amateur Photographer, Roy and Dolores Kelley Photographs

A real estate broker since 1960, I have retired from RE/MAX Realty Group in Gaithersburg, Maryland. The needs of past clients and referrals will be met by long time associates. 

Roy Kelley, Associate Broker

Realty Group Referrals

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Home Office: 301-670-8996



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  1. Elva Branson-Lee 05/07/2012 06:36 AM
Topic:
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Ambassador
928,992
Ralph Gorgoglione
John Aaroe Group - Los Angeles, CA
California Real Estate (800) 591-6121

Great tips for buyers now.

Thanks for putting this together.

May 07, 2012 06:33 AM #1
Rainer
83,450
David Artigliere
Reading, Pottstown, Norristown, Philadelphia - Collegeville, PA
ARTI Home Inspections, ASHI Certified Home Inspector

Great advice, Roy.  You don't want to make any big changes after applying for that mortgage.. it will only create a lot of hassle and you can lose that financing opportunity!

May 07, 2012 09:13 AM #2
Rainmaker
1,999,252
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thank you very much for your comments.  Home buyers need to be well prepared for multiple contract competition in many areas.  Obtaining a pre-approval letter from a recognized mortgage lender is a primary initial step in the home purchase process.

Kentlands, Spring Flowers IMG_9191

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

May 07, 2012 10:04 AM #3
Rainmaker
839,542
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Good afternoon Roy.

Thank you for sharing this great information with us.

May 07, 2012 01:29 PM #4
Rainmaker
1,391,964
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Short Sale - CDPE, REDS

Sooo many buyers are in a hurry to "be prepared" for their move...buying the furniture...new washer...etc. they are unaware of what they may be doing that will prevent them from moving on quickly...good points ...recruit the "guest" to be a real member of AR !

May 08, 2012 03:18 AM #5
Rainmaker
1,999,252
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Good morning.  It is always good to receive your comments.  This spring is a wonderful time for home buyers to take advantage of the very attractive prices and record low mortgage interest rates.  For those that plan to use financing, an initial step is to obtain a pre-approval letter to have in hand before looking at properties.

Kentlands, Spring Flowers IMG_9251 A

This photograph was edited to be included in our Imagination Series.

Photograph by Roy Kelley using a Canon Powershot G11 camera.

Roy and Dolores Kelley Photographs

May 08, 2012 06:09 AM #6
Rainmaker
608,891
Patricia Feager, MBA, GRI, Cert Negotiations Expert, Military Relo Prof
Keller Williams Realty - Flower Mound, TX
The Little REALTOR® That Could

Roy,

Wonderful words of wisdom on buyer's responsibility.

What a beautiful flower too!

Patricia

May 08, 2012 08:10 AM #7
Ambassador
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Karen Kruschka
RE/MAX Real Estate Connections - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Roy  You are right - I wish I could tell you all the times I've had buyes make a major purchase a few days I cautioned them against it

May 08, 2012 08:17 AM #8
Rainmaker
893,273
Will Hamm
Hamm Homes - Centennial, CO
Where There's a Will, There's a WAY!

Well put Roy,  Buyers need to look at this list and realize what it takes not to do before you close.  Thanks

 

May 08, 2012 08:52 AM #9
Rainmaker
1,999,252
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thanks so much for your comments.  In many areas, home buyers need to be well prepared for multiple contract competition.  


Kentlands, Spring Flowers IMG_9254 A

Photograph by Roy Kelley using a Canon Powershot G11 camera.

Roy and Dolores Kelley Photographs

May 08, 2012 10:11 AM #10
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