John Meussner, #MortgageMadeEasy Fair Oaks, CA 484-680-4852 (Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI)

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Rainmaker
108,016
Scott Lawson
America's Home loans - Santa Rosa, Petaluma Mortgage Broker - Santa Rosa, CA
Mortgage Broker FHA, VA, refinance or purchase

I use these--my list can use a little work:

 

 

Mortgage Do’s and Don’ts

 

The Do’s

 

 

·        Do – Keep all originals, and have access to all of your pay-stubs, bank statements and other important financial documents.

 

·        Do - Provide your Earnest Money Deposit from your own personal bank account or acceptable gift funds.

 

·        Do - Notify your Loan Originator if you plan to receive gift funds for closing.

 

·        Do - Notify your Loan Officer of any employment changes such as recent raises, promotion, transfer, change of pay status, for example, salary to commission.

 

·        Do - Stay employed if employment income is used for loan approval.

 

·        Do - Save money to your account provided for verification of assets.

 

·        Do - Make timely payment on all current debt obligations, including any current mortgage, car, student loan or credit card.

 

·        Do - Notify loan officer regarding any changes to your employment status, (i.e., promotion/demotion, job loss).

 

·        Do - Notify loan officer of any loss of income.

 

·        Do - Notify loan officer of any depletion of funds needed to close.

 

·        Do - Notify loan officer of change of current address, phone or email.

 

·        Do - Notify loan officer of any deposit you expect to made not related to your payroll, pension, SSI or income tax refund.

 

·        Do - Notify loan officer if you expect to receive gift from relative, employer, union hall or non-for-profit organization.

 

 The Dont’s

 

·        Don’t- Close or open any asset accounts or transfer funds between accounts without receiving the correct documentation required for your loan.

 

·        Don’t - Change jobs/employer without inquiring about the impact this change might have on your loan.

 

·        Don’t - Deposit any monies outside of your payroll deposits, particularly cash or sale of personal property.  Many guidelines require substantial documentation as to the source of these deposits.

 

·        Don’t - Open or increase any liabilities, including credit cards, student loans or other lines of credit during the loan process.

 

·        Don’t - Make major purchases prior to or during your contract, such as new car, furniture, appliances, etc. as this may impact your loan qualification.

 

·        Don’t - Advance of any cash from credit card or borrow funds for closing.

 

·        Don’t - Change your legal name.       

 

·        Don’t - Take any unpaid time off.

 

·        Don’t - Schedule any vacation or time off for any reason if all possible before closing.

 

·        Don’t - Alter any documents in any way.

 

Dec 09, 2016 04:23 PM
Ambassador
2,678,589
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

    In addition to Buyer's remorse, watch out for the nay-sayers:  Mom and Dad don't like the house, a friend can find you a better deal, etc.

Dec 09, 2016 08:00 PM
Ambassador
3,727,581
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

In addition to all of the stuff everyone else will cover, I think you should include "Buyers' Remorse".  People need to know that everyone gets it.  It's a normal part of the buying process. 

Dec 09, 2016 07:32 PM
Rainmaker
908,128
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

How to tell the difference between a custom built, modular, and manufactured home.

Dec 09, 2016 02:46 PM
Rainmaker
4,550,601
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi John 101 might be overwhelming for those who need the advice...do you think it could be 20 or even better ten things to know?   I'd like a copy when you publish it.  

Dec 09, 2016 01:44 PM
Rainmaker
529,983
Kathryn Acciari
Central One Federal Credit Union - Shrewsbury, MA
Mortgage Loan Originator

Buying in real life is not like reality TV! No one comes in with a video camera and makes you look like a star. It takes a team of advisers and professionals to help you buy a home - trust them, lean on them, and thank them for their service to you.

Dec 10, 2016 02:34 AM
Ambassador
3,161,898
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Find ONE real estate agent (or team) with the personality that matches you and with the expertise to help you find what you need and ONLY work with them.  All agents have access to the same MLS data, so having a posse of agents is not helping you.

Dec 09, 2016 04:07 PM
Rainmaker
2,775,046
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Rainy day fund...

Dec 09, 2016 04:04 PM
Rainmaker
706,522
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

1. Get preapproved from the start so you know what you can afford to buy and don't waste anyone's time looking at property which won't work for you.

Dec 09, 2016 02:31 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

John Meussner - I have learned a lot from the posts here from experts in this field, including you.

As much as I go over the details with them about financing, I cannot replace the expertise you have - though one thing I tell them - work with just one! (as I expect a lender to tell them - work with the one Real Estate professional only.)

Dec 09, 2016 02:26 PM
Rainmaker
7,784,719
Roy Kelley
Retired - Gaithersburg, MD

Buyers should know that they need to have an experienced real estate professional to advise them on every step of the transaction.

Dec 09, 2016 01:50 PM
Rainmaker
1,513,143
Raymond E. Camp
Ontario, NY

There is one at the bottom of my page.

Dec 09, 2016 01:34 PM
Rainmaker
2,233,155
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Prepare the buyer. The listed price or higher is the selling price. Not every property owner and their agent build in wiggle room.

Dec 11, 2016 05:26 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

They need to know large deposits will have to be explained. Also gift funds must come from immediate family and papertrailed. This seems to make more of my clients and their family members angry than anything.

Dec 10, 2016 07:04 PM
Rainer
225,526
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

Scott Lawson, and others gave some great answers. I would add that any buyer, first time or not, should feel comfortable with their lender to ask any question that they may have. Our job is to make the whole scary process unscary and make them feel that they are doing the right thing and it should be a joyous event

Dec 10, 2016 05:43 PM
Rainmaker
1,712,551
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Knowing that you are ready to take personal repsonsibility for any repairs now that there is no landlord to do it for you.

Dec 10, 2016 02:55 PM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Don't do anything to mess up your credit.

Dec 10, 2016 02:27 PM
Rainmaker
3,986,196
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Ber ready to show your personal information several times...ALL OF IT!

Dec 10, 2016 02:17 PM
Rainmaker
2,224,473
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I would love a copy. 

Buyers need to know it doesn't pay to try to hide anything from their lender. I had some buyers that didn't think the bank would notice the liens on their house. They were trying to do a home equity line of credit to purchase another property. They wasted a lot of my time. They knew all along about the liens and admitted they had no intention of paying them off. 

Dec 10, 2016 12:14 PM
Rainmaker
1,497,698
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Beautiful!

Points: pluses and minuses

the new trid process quick notes

credit scores and their impact

impact of other loans

"well what if I have a room-mate" how does that impact anything

affording on paper v. reality.  (i.e. "house poor")

Dec 10, 2016 12:10 PM
Rainmaker
634,482
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Looks like almost everything has been covered here. One thing I'll add is be prepared to provide Proof of Funds. And that needs to be liquid, not in a 401k or stocks.

Dec 10, 2016 11:17 AM
Rainmaker
5,583,167
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

that was a bonus from Scott Lawson ...nice list..... 

Dec 10, 2016 11:06 AM
Rainmaker
5,772,353
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

John,

It is a wonderful idea, but I think 101 things will not be read by prospective buyers.  As it is most of us have a 10 second attention span given the bombardment of information coming our way.  A

Dec 10, 2016 10:54 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Always tell the truth . Do not report inaccurate numbers like income if you are self employed . 

Dec 10, 2016 10:37 AM
Rainmaker
864,658
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Getting approved for a certain amount does not mean buyers should obtain that loan amount. There should always be funds reserved for that rainy day...say about 6 months.

Dec 10, 2016 09:11 AM
Rainmaker
986,552
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

BEFORE making the offer:

  1. Get to know the neighborhood  (drive around at various times)
  2. If they have children research the schools
  3. If they are seniorss, get to know opportunities for seniors
  4. Learn about medical offices
  5. Learn about insurance - floor zone or other issue?

Gosh I could do 101 right now LOL

Dec 10, 2016 07:40 AM
Rainmaker
1,617,866
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Pull ones credit first and then go from there

Dec 10, 2016 05:27 AM
Rainmaker
5,095,861
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

John Meussner ~ hi John, email me at nina@ninahollander.com and I will forward you my document I hand out titled "don't get yourself into a pickle."

Dec 10, 2016 04:08 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Scott Lawson nailed this one!

Dec 10, 2016 01:56 AM
Ambassador
5,198,813
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Oh, Scott Lawson gave you some great ones!  I had one fall through this year that the buyer paid off a credit card like the lender told her to do but, then also CANCELLED the card - that cost her enough points in her DTIR that she no longer qualified to buy the house!

Dec 09, 2016 10:26 PM
Ambassador
6,349,430
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Practice fiscal responsibility

Dec 09, 2016 06:04 PM
Ambassador
3,382,984
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Knowing they should be proactive about sourcing deposits in their bank accounts for you.  Agents hear this complaint all the time like you are unreasonable for asking.  If they knew up front, it would keep them from feeling they are under an microscope and may even keep them from depositing the $10 check their grandmother wrote them for their birthday that holds up closing.

Dec 09, 2016 02:25 PM