Solon Ohio Real Estate: Home Buyers List of Things To Avoid When Getting A Loan

THE TEN COMMANDMENTS

When Applying For A Real Estate Loan 

 

Ten Commandments to avoid when getting a loan

 

Whether you are buying your first home, moving up, or downsizing, you will more than likely need financing to assist in your purchase. Here is a list of things to AVOID when applying for a real estate loan.

 

1.     Thou shalt not change jobs, become self-employed or quit your job.

2.     Thou shalt not buy a car, truck, or van ( or you may be living in it !)

3.     Thou shalt not spend money you have set aside for down payment and/or closing costs.

4.     Thou shalt not use charge cards excessively or let your accounts fall behind.

5.     Thou shalt not omit debts or liabilities from your loan application.

6.     Thou shalt not buy furniture ( at least until after closing!)

7.     Thou shalt not originate any inquires into your credit.

8.     Thou shalt not make large deposits without first checking with your loan officer.

9.     Thou shalt not change bank accounts.

10.    Thou shalt not co-sign a loan for anyone—preferably ever as it may end up hurting you.

 

Click below to read other helpful articles about buying a home.

Move-up Buyers – Buying Up in A Down Market Can Make Sense

Schuman Team Buyer Tips – Tax Credit To Assist Buyers

Why Using A Buyer’s Agent Is In Your Best Interest

Solon Real Estate: Bank Owned Properties

 

If you are looking to buy a home, we highly recommend getting pre-approved prior to looking for a home.  One of the mortgage professionals that we recommend is Sean Hadley with Heritage Mortgage Services. He can be reached at 216-378-4848, or by email at shadley@heritagems.net .

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About The Authors:

Dan and Amy Schuman are Solon OH residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and first-time buyers.

For Ohio and Solon OH real estate and homes see Solon real estate

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

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Solon Ohio Real Estate: Home Buyers List Of Things To Avoid When Getting A Loan is the property of The Schuman Team and may not be duplicated or used without their written consent. ©2009

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