BUYING A HOME - ADVICE COLUMN

Don't - What not to do,

When You're Qualifying for the Loan to Buy Your Home

Here's the scenario-  You've been shopping for a home with your agent for several weeks.  During that time, the agent personally previewed 25-35 homes to pick out the 12 she thought you might like the most.  You liked one of them well enough to make a offer.  Your agent presented the offer to the seller.  After one or two negotiating sessions, the price and terms were agreed upon.  You applied for the loan, paid for the appraisal and got preapproval for the loan.  With your agents help, you had the inspection done, negotiated some repairs with the seller, ordered your insurance and had the utility change-over scheduled.  Everything is set, all you have to do now is wait until the title company receives the loan package so you can sign the documents and close the escrow.  Everything is set, you can relax- right. 

WRONG,

Be aware of a few things that can still go wrong with the loan process:

Lenders (UnderWriters) sometimes do a second credit just before issuing the final loan documents.  Don't make the mistake of buying a car, new furniture or appliances before close of escrow.  Any new purchase could affect your ability to qualify for the home loan. The Underwriter may choose to verify your debt ratios or cash reserves at the last minute.  Major purchases can increase your debt ratio and consequently disqualify you for the home loan.

Other Advice for This Critical Stage of Home Ownership (During the Escrow):

1.   Don't Make ANY Major Purchases;

2.   Don't Change Jobs;

3.   Have a Margin of Extra Cash Needed at Closing;

4.   Build a Little Flexibility into Your Moving Schedule;

5.   When Something Goes Wrong, Be Calm, Don't Over React;

6.   Share the Lender's Original Truth-in-Lending Disclosure with Your Agent before Signing  the Loan Documents so that the Agent can make comparisons at the Closing Table.

The homebuyingbasicsaz.com Team

If you'd like to know more about us, check out our resumes:

Bill's

Carol's

To Understand Our Motivation

To See Carol’s Primary Real Estate Site

To See Bill and Carol's Newest Site

Under Construction

To See Bill’s Recruiting Site

If you'd like to know more about how we can help you, check out:

CENTURY 21 Metro Alliance

With 33 offices in Arizona and Colorado, CENTURY 21 Metro Alliance is one of the largest and fastest growing real estate companies in the United States.  Ranked #4 in terms of closed units in 2005, it only recently achieved national prominence and stature.  After 20 years as an award winning single office company, the ownership embarked on an expansion six short years ago that has resulted with its current position.

Homebuyingbasicsaz.com

As the initial licensee of homebuyingbasics.com, homebuyingbasicsaz.com is destined to become a major force in the Arizona market.  On the leading edge of technology, it is dedicated to bringing to the buyers and sellers of Arizona residential properties the knowledge, resources and service that will tilt the market to the advantage of its clientele.