Charlotte NC|Attention First Time Home Buyers, ALL HomeBuyers|Ask the Broker
December 20th, 2007 Categories: Buy A Charlotte Home
First Time Home Buyer Disaster|Don’t Let This Happen to You.
Reading a post from a real estate expert in Port Orange Florida, Janis Gagliardi, I found this story on First Time Buyer DISASTER. Please don’t let this happen to you, it can if you are not careful.
“We searched and found a beautiful home for a young couple a few months back and successful negotiated and went under contract. The couple was pre approved by their lender and had provided the document to the sellers which helped solidify the deal.
Just before closing their credit was pulled again as underwriting normally does. Our customers (buyers) received a call from their lender and much to their horror was informed that they were not approved to close.
To make a long story short, they had given a family member a credit card to a furniture store and over $10,000 (I’ve seen this with as little as $2,000 in furniture purchased -TM) in furniture had been charged to their account! The lender disapproved the loan. Not a pretty story!”
Here are their tips:
DO NOT increase your credit card balances and or loan balances
- DO NOT apply for additional or new credit, or put balances on a paid credit card
- DO NOT ignore late payments and/or collection notices that you may get during the course of your loan
- DO NOT purchase anything that is “the same as cash” – it will show on your credit report as a debt
- DO NOT buy furniture, cars, or appliances until after closing. There will be special sales that happen throughout the year. What good is furniture if you don’t have a new home to put them in!
- DO NOT lend money to family members, friends, etc. if you need it for closing.
- DO NOT store your money at home. Place it in a bank account so that it can be documented as savings throughout the loan process.
- DO NOT have overdrafts on your checking account
Here is the full story, courtesy of the PortOrangeJuice.
Charlotte, according to the Standard and Poors Case-Shiller Report led the nation in price appreciation through 3 quarter of 2007, at 4.7% appreciation… Beverly Crest, at 6.18%, is 31% ahead of Charlotte…No matter how you measure it, Beverly Crest is a winner!
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To learn more about me, or my team, visit TerryMcDonaldRealEsate.com, my easy to use home, condo, land or multifamily~ ALL CHARLOTTE SEARCH. tm
Glad you enjoyed the post and shared it with your first time homebuyers in Charlotte NC!
I saw that post on her site also. I thought it was a great post. Glad you shared it with the Charlotte real estate home buyers. Many people just don’t think of these things when they get a loan. One of my clients put a $3000 diamond ring on a payment plan before she closed. Almost lost the loan.
Terry we can’t tell our buyers this enough. No buying until you have funded your new home loan. No cars, furniture, boats. Nothing. It just isn’t worth messing up a loan. Glad to see your Charlotte NC readers benefiting from your knowledge. - Ashley