Hello there, future homeowners and refinancers! I’m Rip, your Hard Working Mortgage Guy and Branch Manager at Advisors Mortgage Group. You may also know me as the host of Indy’s Real Estate Gurus podcast. Buying or refinancing a home doesn’t have to be as tricky as a Foster Brooks comedy routine, you know. Stick with me, and we’ll make your mortgage process smoother than a fresh jar of Skippy.
The Big Picture
Look, folks, whether you’re new to this or just dusting off the cobwebs from last time, there are a few pitfalls you need to avoid. I’ve got your back, so let’s jump into these “Avoiding Mortgage Pitfalls suggestions.”
1. Job Juggling? Not Now!
Eyeballing a new gig or thinking about freelancing? Hold your horses! We need to verify your current job on closing day. Let’s avoid any mid-game switcheroos.
2. Don’t Toy with Your Paycheck
Keep your pay structure steady. Shifting income is like trying to balance on a unicycle during an earthquake. Oh, and hang on to all your financial paperwork—even those pages you think are “extra.”
3. New Credit? Keep It On The Shelf
Dying to get a new credit card or finance a shiny boat? Keep that urge on lockdown. Credit inquiries can mess up your score faster than you can say, “Wait, what?”
4. Wedding Bells or Breakups?
If you’re taking the plunge or making the split, give us a heads-up. Trust me; we don’t want any rom-com plot twists.
5. Mystery Money? Nope!
Received a “gift” from Uncle Bob? Need to document where it came from, folks. Keep your money moves transparent; it’s not a game of Clue.
6. Credit Report Drama? Avoid!
Look, even if you’ve paid off those old debts, stirring the credit report pot now is like kicking a hornet’s nest.
7. Big Buys? Hold ‘Em!
Resist the urge to go on a pre-home spree. Swiping that credit card too much can dent your finances quicker than a country song can break your heart.
8. Keep That ID Current
Your driver’s license should be fresher than this year’s country hits. Expired licenses are a big no-no when it comes time to close.
9. Bill Skipping Is for Stones, Not You
No missing payments, capiche? You might think you’re saving, but you’re setting yourself up for a snag.
10. Easy On That Checking Account
Think of your checking account like your grandma’s antique vase—handle with care. We may need additional printouts, especially for your down payment and reserves.
11. Another Loan? Not So Fast!
We’ve got eyes on a system called MERS, so applying for other property loans isn’t your best move right now.
12. Gift Funds? Call Us First!
Thinking about adding gift funds to your bank account? Hold that phone (and that check) until you check with us on how to do it right.
A Cherry On Top: Enjoy Yourself!
You’re not just investing in bricks and mortar; you’re building a home, a life, and some darn good memories. So, take a breather and enjoy the ride!
And there you have it, folks. Got a curveball life’s thrown at you? Get in touch. Communication is more important than ever. Until then, keep it smooth, and may your mortgage journey be as straightforward as a Rodney Dangerfield one-liner.
Ride Smooth, Y’all!
Rip, your Hard Working Mortgage Guy and host of Indy’s Real Estate Gurus