Case in point: new mortgages and divorce situations. There have been changes over the years, but it’s still important to consider your past when looking ahead to the future.
The thing that held up the whole show was an undisclosed liability discovered when the credit report was pulled right before closing. Always in the Top Ten Things Not to Do Before You Close on Your Home, whatever happens in that time period between loan pre-approval and the subsequent underwriting process is not only fair game, it could kill your deal.
At the end of the day, don’t run with scissors and don’t ignore the mortgage professional. We managed to get this loan closed, but you’re not going to dodge the Fannie Mae’s of the world by thinking you can hide stuff because you know more than I do. Not when it comes to mortgages anyway…
At the end of the day, it always comes back to trusting tried and true professionals. You’re not going to skydive alone the first time; you’re going to have someone educate you on maneuvering and navigating away from dangers until you succeed.
The housing market may be more perilous than ever, but today’s market offers chances of a lifetime when you place yourself in the company of people who know how to land.
The Catch-22 of today’s real estate market is that the home prices and interest rates are at historic lows; but roughly 33% of Americans don’t have the credit history to buy and only half of the country has the FICO power to get the best rates.
At the risk of sounding ominous, there are variables in any transaction (appraisal, inspection process, title stuff) that can blow up a deal; but these are things that you really can’t control.
What you can control is making sure the picture you are presenting to your Florida mortgage lender is forthright so the pre-approval holds all the weight that it can.