Never, Ever, Do These While In The Process of Purchasing a Home

These “Don’ts” apply to you, your spouse,
or anyone who may be a part of the credit application.

1. Don’t change your job.
    
2. Don’t increase your credit card debt or miss any payments. Don’t let ANY bills get past due and jeopardize your credit score.
   
    
3. Don’t apply for a new credit card (even for a store deferred payment plan).
   
    
4. Don’t co-sign a loan, and don’t make a credit application or inquiry for yourself or with anyone else.
   
    
5. Don’t make any major credit or deferred purchases (cars, furniture, appliances, draperies, artwork, lawn care equipment, TV, vacation, etc.) Wait until you are IN your new home.
   
    
6. Don’t change bank accounts or make ‘undisclosed’ large deposits. (You will need to show where the money came from – family gift, 401k, savings, stocks, etc.)
   
    
7. Don’t spend money you have set aside for down payment and closing costs – NEVER, not even a little.
   
    
8. Don’t apply for a mortgage at more than 1 lender. Ask your Realtor® for a local referral of a lender that will best suit your needs.
   
    
9. Don’t delay in providing all the paperwork and verifications asked for by your mortgage lender. You will need your last two bank statements, last two pay stubs, last two years of W-2’s or tax returns.
    

Remember, even after you are pre-approved, don’t make financial moves that will impact the final credit check by your lender. If you do, you may no longer qualify for a loan. Even relatively smaller financial issues may make a difference and put your closing at risk. Check with your lender first.

As your Personal Realtor an important part of my job is advising and guiding you through the home buying or home selling process. That includes financing. Above is some basic information to help you get to closing on your new home which I hope will be helpful in the process of applying for a mortgage loan, but there is no substitute for a direct relationship with a mortgage lender of your choice. A mortgage is a complicated transaction, but there is no reason for it be be difficult. Please don't hesitate to ask me and your lender for help if there is something you don't understand.

For a list of mortgage lenders in the Rockford area and this weeks interest rate information --
see my weekly update of local mortgage rates.

If I can be of help to you in buying or selling a home
please don't hesitate to call at 815-381-6850 or email.

Rockford home source information is provided as a service to help you better understand issues related to the process of buying or selling real estate, especially in the Rockford Illinois area. The accuracy of content is not guaranteed, nor is it intended to replace the advice of an attorney, financial advisor, accountant, tax advisor, lender, home inspection service, building contractor or other real estate professional. This site contains links to other real estate related internet sites. These resources are selected on the basis of ease-of-use and helpful content for owning, buying, or selling a home, and no information, product, or service has been endorsed or approved by us. Privacy Statement: We are dedicated to protecting your privacy and handling your information in a secure and confidential manner. We know that having trust and confidence in the people you work with is important to you and we value the trust you place in us to protect your information. We do not permit list brokers, mail-order businesses, telemarketers, or other marketing companies to contact you to promote their products or services, and we do not sell, lend, or give out your information for this purpose. We use your information only to help us provide the home buying or selling real estate services you request. Bill Marek is a residential real estate agent with Dickerson & Nieman Realtors in the Rockford area of Northern Illinois, and, as a REALTOR©, is a member of the National Association of Realtors©, Illinois Association of Realtors©, and Rockford Area Association of Realtors©.

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