Badassery Magazine December 2017 Issue 19 | Page 61
S
o you want to buy a house.
Good for you! Buying a
home can be a smooth,
structured process or it can be
an emotional roller coaster – but
YOU do have quite a bit of con-
trol over it! I can tell you from
over 24 years of experience in
the mortgage world if you do any
of the things listed below…. you
run the risk of losing your loan
approval. Really – DON’T do
these things!! Ready? Here we
go!
1.
DON’T quit your job!
Please – don’t give notice, don’t
decide that now is the time to
be a Pampered Chef, or Stella
& Dot rep – just don’t!! You’d
be shocked to hear how many
people will give notice and then
we go to do the final Verifica-
tion of Employmen t (yes – we do
that!!) only to find out that their
last day is the following week.
WHAT?? Do you think we won’t
find out? Seriously – we have
ways of knowing all kinds of
things. Which brings me to #2.
2.
DON’T lie or fib on your
loan application. Just don’t. If
you say you’ve worked at your
job for 10 years and it’s really
been 6 months….we’re going to
find out! We verify employment,
past addresses – recent inqui-
ries – we have ways of finding out
and it’s so much easier if you just
level with us from the start. Your
Loan Consultant is your advo-
cate, and they don’t get paid un-
til your loan closes, so they have
a vested interest. An experienced
Loan Consultant is going to be
watching for fraud and often
what you think is a deal killer
just has to be structured cor-
rectly. Have a question on this?
Contact me – happy to help!
3.
DON’T buy a car, truck,
RV, boat, snowmobile, etc. You
can wait until the loan closes.
If you choose not to, we have
to document the new payment
and if your debt to income ratio
goes too high – you just might be
living in said snowmobile. Not
pretty!
4.
DON’T quit paying your
bills once you have a Preapproval
letter in hand. That Preapproval
is subject to everything remain-
ing status quo. So don’t blow it!
5.
DON’T co-sign for anyone
– they can wait until they can
afford it just like you did. If you
co-sign now, we will need to add
that payment to your debts, and
you may not qualify. The whole
loan process is usually less than a
month. Note – if you ever do co-
sign on anything – you are just as
responsible for that debt as the
person you are co-signing for. My
advice is not to do it, ever.
60