Here’s another weekly installment of Do’s and Don’t’s for
prospective borrowers embarking on, or already engaged in the home mortgage
process. In case it needs to be said, the “Don’t’s” are
strictly for comedy (though most are based on real world examples
of things that will kill or greatly delay the mortgage process).
The “Do’s,” on the other hand, are potentially valuable
nuggets of information that may greatly benefit your mortgage
experience. In fact, most of them can end up making a difference in the success
or failure of a loan, and at the very least, can help avoid costly
well in advance so gas and electric service are on when you move into
your new home.
your new neighbor’s electricity via a hidden extension cord if electric
company is late.
seller pay for any mold remediation and ensure it’s completed before closing.
appraiser if he can “forget” to take photos of the copious mold
throughout the house you are selling
all your loan officer’s questions completely and accurately to help him
expedite your loan
your loan officer you’re single and hope lender and title company
don’t discover you’re really married
the cable company to transfer your service to your new home
to put the new cable account in your dog’s name due to your
pesky prior unpaid cable bills
if your new home adjoins a golf course, golf balls may occasionally land
in your yard.
your children out to collect the balls, then sell them back to irate golfers in
lieu of allowance money
several bids on any needed remodeling for your home, and a CMA from a
trusted agent if you’re considering selling
HGTV’s “Love It Or List It” stars David
and Hillary to respond an email and show up to renovate your
on exactly what your “must haves” are for your new home
your agent you “have to have” three bedrooms and a big yard, then ask
to see two bedroom condos
any foundation leaks in home you’re selling must be disclosed to the buyer
a throw rug and some boxes over the large cracks in your basement in hopes
the appraiser doesn’t notice them
HO-6 insurance coverage for the interior and contents of your new condo
your policy the day after closing to save $25 monthly and defray HBO and
your lender if you have a service related disability when applying for a VA
your lender several months after closing, tell him you “forgot to
mention” your disability, and want your funding fee returned
Above all else, DO remember that your loan originator
wants to close your loan as quickly and as efficiently as you and the good
ones fully appreciate that their borrowers’ satisfaction plays a
huge role in their long term success.