Don’t Buy that Engagement Ring Right Now- You Are Buying a Home!

Don’t Buy that Engagement Ring Right Now- You Are Buying a Home!

 

Well if it is not an engagement ring, it might be that new sports car or SUV that

credit or ring?

Home or Engagement Ring?

captured your attention and took that dealer loan right out on it.  What did your loan officer tell you months ago about avoiding changes to your financial situation during your mortgage loan process period?

 

You did hear the loan officer when he said what not to do prior to closing on your mortgage?

 

Yes, you say but you already applied for the mortgage so what’s the difference. Anyway you just had to buy the ring because your fiance expected it.  Hmm, you really did not hear your loan officer did you.  No changes, means no changes if you want to get to the closing table and buy that new home.  You as the buyer have already botched your chance for now of procuring that mortgage commitment letter.  No buying right now.  Honestly, a paper cigar band might have worked half as well instead of the diamond?!

 

Read more here about the don’ts and do’s during the mortgage process.  It is so important to understand and follow well.

 

(As an aside to this post and learning to ‘squirrel’ the money goods away so you are able to buy that dream home…i have a squirrel in my home and now trapped in the basement.  The pest man has set up a cage with peanuts to capture the bugger!  Scared the life out of me when I saw this animal heading for the cat bowl!  Well keeping good credit is a lot easier than capturing a squirrel in the house…so take heed and listen to the RI Real Estate Agent in the sparkly red shoes!)

 

See the lender’s underwriters do not like to see big changes in your credit right now.  Especially NOT an engagement ring on your credit card.  It is a red flag to them that you  spend money unwisely and without thinking.  Therefore, you are not seen as a good credit risk for paying your mortgage down the road and not worthwhile lending to.  There is a reason that your real estate agent and lender talk into each of your ears.

 

Guess what?  You will need to wait a good six months down the road to do the mortgage process again.  And remember to hold that diamond, car, boat, etc at bay.

 

Don’t Buy that Engagement Ring Right Now- You Are Buying a Home!

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Ginny Lacey Gorman is your go to North Kingstown Real Estate agent for homes in North Kingstown RI and beyond…knowing the RI geographic area, schools, happenings,important tidbits of information and  businesses well.

As North Kingstown short sale agents, if you are having trouble paying your mortgage contact Ginny to help you through the short sale process successfully.

   Waterfront, oceanfront, luxury and coastal RI real estate are her specialty but all of RI is her backyard.  When you are in need of a good professional for your buying and selling needs and an internet savvy marketer and agent who sells RI houses in this real estate market – call Ginny at 401.529.7849.

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