June 2017 - Page 2 of 3 - korbyhometeam.com
The Top 12 Do’s and Don’ts for Borrowers

The Top 12 Do’s and Don’ts for Borrowers

HOME LOANIt’s a huge relief once a home loan has been approved. It feels like seeing the light at the end of the tunnel, but the process isn’t over until the loan has closed and the keys to your new home are in-hand. In fact, your loan can be denied after your approval, because underwriters may periodically check your credit report, to ensure no new activity has taken place.

Stay On Track

To avoid the heartbreak of losing that loan – and losing the perfect house – keep these Do’s and Don’ts in mind:

DON’T quit your job or change jobs. If this is likely to happen, speak with your loan officer and let your agent know.

DON’T apply for credit anywhere else except with your lender. More credit checks can negatively affect your credit score.

DON’T change bank accounts or transfer money within your existing accounts. These changes will require extensive documentation and are subject to a verification process, which can be damaging to your loan.

DON’T co-sign for anyone, for any reason, for anything.

DON’T purchase or attempt to purchase anything else on credit such as a car, boat, or furniture. It may be tempting to start purchasing things to outfit your new home, but those new appliances may put your loan in jeopardy.

DON’T charge any abnormal amounts to your current credit cards or credit lines.

DON’T send in late payments, or incur late fees for anything.

DON’T wait longer than the time frame given per your contract to provide all necessary paperwork and information to your lender when requested. Plan ahead and organize these items early, and turn them in as soon as possible, to allow for any issues.

DO keep all accounts current, including mortgages, car loans, credit cards, etc. Continue making regular payments, and make them on or before their due dates.

DO contact both your lender and your agents any time a question may arise.

DO have any lender-required money/funds to your loan officer within 72 hours after home inspection is complete.

DO return phone calls from your agent, loan officer, Settlement Company, or anyone else involved in your transaction within 2 hours of a message.

When In Doubt, ASK!

Your loan officers, agents, and other representatives are here to help you. Their job is to facilitate your home purchase, including the loan process. It’s expected that this will be a confusing time, especially for first-time home buyers. Keep in contact, and whenever a question comes up – whether it’s about your new loan or about existing debt – be sure to ask. If it has to do with your money or credit, it’s better to be safe.

Looking for your ideal home? Our agents would love to help! Contact us using the form below to find out what we can do for you:

Another Como Park gem COMING SOON!

Another Como Park gem COMING SOON!

More from Como Park!

We’re excited to have yet another classic Como home coming onto the market in the upcoming weeks! 1471 Maywood Street is only blocks from Lake Como and will be ready to knock your socks off. It features 3br/1ba – we can’t wait to tell you more, so watch this space!

1471 Maywood preMLS

With today’s low inventory, homes are receiving offers within days of hitting the market!

Interested in selling YOUR Como Park home? Contact us today using the form at right!

SOLD in South St. Paul – 1158 5th Avenue!

SOLD in South St. Paul – 1158 5th Avenue!

SOLD in South St. Paul!

2024 Manitou Avenue closed on 5/26/17 for 105% of list price. It generated a storm of showings in its first weekend on the market and had an accepted offer within days of listing! Our professional staging consultant worked her magic, guiding the sellers through the preparatory stage, and the home was ready to take the stage when our professional photographer arrived.

Here’s a look at how the home appeared while on the market:

Interested in learning more about selling YOUR St. Paul home? Buyers are competing, and sellers are reaping the rewards! Contact us using the form at right!

COMING FRIDAY in Longfellow – 3157 32nd Ave S

COMING FRIDAY in Longfellow – 3157 32nd Ave S

Coming SOON!

If you’re looking for original charm and century-old beauty, this is the home for you! 3157 32nd Avenue S in Minneapolis features gorgeous hardwood floors and original woodworking throughout, with sparkling leaded glass windows and elegant touches around every corner.

3157 32nd

With today’s ultra-low inventory, homes are selling within days of hitting the market. Don’t miss this one!

Interested in selling YOUR home, or viewing homes as soon as they’re available? Contact us using the form at right!