Here's an overview of the 10 commandments for getting a mortgage Loan for first-time home buyers.
Transcription
Hi everyone, this is your Tampa Bay realtor Lance Mohr an in this video, I want to talk about the 10 commandments for getting a loan for first-time homebuyers. What it is and what you need to know that could save you thousands of dollars and huge headaches.
The 10 commandments for homebuyers. I’m not going to go over what every one of them is but I basically want to summarize all of them in a nutshell. When you go to the lender and you get a loan and they give you a pre-qualification or pre-approval and you’re in the home buying process. Don’t incur any more debt. In other words, don’t co-sign in the loans for people, don’t go buying cars, and don't go buying furniture.
I’m not saying you can't do it but if you do it, make sure you run it through the loan officer first because what you don't want to happen and this just happened this week to someone. I sold the home to a buyer and that buyer that was buying the new home, the deal blew up because what happened is apparently the loan officer forgot to tell him and they went out and bought a bunch of furniture. The week that their home was supposed to close.
Lenders, every lender is going to basically pull either the day before or the day of your credit report and call and verify your employment with your employer. This is going to be done and what happened is it knock them out of debt to income ratio. They lost all their earnest money with the builder they lost all the thousands of dollars that they put upfront in the design center and then they have a whole bunch of and they were not even moving into a new home.
It’s a sad situation and I hear about this every once in a while. When I was in lending, I would put it in writing. I would tell people, I made sure and I always told people if you're going to go buy a car. If you’re going to do anything like that call me first (call your loan officer first). Make sure that you could do it before you go out and commit to it. Always call the lender up but it’s just better not to buy anything. Just wait until after you close. If you close on Friday, just go, pay for it all on Saturday.
I hope this helps. If you have any questions, don't hesitate to give me a call (813-317-4009). If you’re in the Tampa Bay area, I’d love to help you. I wish you the best of luck and have a wonderful day. For more informative real estate videos. Please visit my YouTube channel https://www.youtube.com/Tampa2Enjoy.
