Home loan don’ts: from Keller & Esplana

Finance

I just read this from one of my mortgage contacts, John Esplana.  Here is his email to me:

“I am almost done reading Shift by Gary Keller and I came upon his “The Seven Don’ts of Mortgage Funding”.  After thinking about it long and hard, I added one of my own for a total of eight Don’ts.

In today’s volatile times, we must be proactive in helping our Clients thru the process from Initial Consultation thru to Close of Escrow and beyond.  This would be a great hand-out to share with your Clients as soon as you meet with them.

As you or your Clients go thru the home buying and/or loan financing process, I wanted to share with you the 8 DON’TS of Mortgage Funding.

  1. Don’t assume that this mortgage transaction is going to be the same as the last time you went out and got a loan.  In today’s New World of mortgage, all banks and lenders will scrutinize your loan in great detail and may ask for more documentation than you are used to.
  2. Don’t change your employment status.
  3. Don’t make any major purchases (cars, furniture, home theater, vacations, etc.).
  4. Don’t increase your credit card debt or miss any payments.
  5. Don’t change bank accounts or make undisclosed large deposits.
  6. Don’t apply for a credit card, co-sign a loan or make a credit inquiry.
  7. Don’t spend money you have set aside for closing – not any, not ever.
  8. Don’t delay in providing all paperwork asked for by the mortgage company. “

Thanks for passing this on, John.  To reach John for questions, contact him directly at BWC Mortgage Services.  jesplana@yourmortgageteam.net