Costa Mesa's Neighborhood Blog: May 2010

A blog about Newport and Costa Mesa with an emphasis on Costa Mesa Real Estate and Newport Beach Real Estate, written by a lifetime local resident of coastal Orange County whose knowledge of the area, combined with a strong background in mortgages, real estate and being an attorney, gives her clients many advantages.

6 Ways You Can Kill Your Loan in the Middle of Your Orange County Home Purchase

6 Ways You Can Kill Your Loan in the Middle of Your Orange County Home Purchase

 

Ask any real estate professional what the top problem is in getting a purchase closed today, and most of them will tell you it's financing.

Gone are the days of easy qualifying and easy financing with no need to prove your income or your assets.

I've been around mortgage financing for over 30 years as it's the family business, and I've seen a few things that are likely to kill a deal even for a well-qualified buyer.  These are things that buyers should know and avoid so that they don't lose out on purchasing their new home.

6 Things to Avoid So You Get your New Home

 

  1. Don't buy a new car - this may sound silly, but increasing your debt load may cause you to be ineligible to purchase your home.  If you want a new home, wait to buy the car until after your home purchase is done.
  2. Don't run up your credit cards - now is not the time to buy the new fridge and furniture for your new home.  This too can skew your debt ratios and cause you not to qualify for your mortgage.
  3. Get new credit cards - the mortgage company may frown on this as it allows you to create more debt.
  4. Take out a new loan of any type - perhaps you're starting to see a theme.  Don't incur any new debt in the middle of a home purchase.
  5. Increase the amount owed on a home equity line of credit (HELOC).  Unless this is planned for your down payment and your loan officer is aware of it and has included it in their consideration when qualifying you.
  6. Get a new job, especially in a new industry - mortgage companies typically want to see recent paystubs, and a new job could delay or prevent closing, especially if the mortgage company wants to see a two year employment history in a particular industry.

The best rule to follow if you want to be like the couple below and purchase your new home, is keep everything status quo and don't make any financial changes until after you have bought your new home.

If you would like more information on buying an Orange County home or would like a referral to an experienced mortgage broker, please contact Christine Donovan at 714.319.9751

 

 

 

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale.

Comment balloon 9 commentsChristine Donovan • May 30 2010 11:24PM
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