Market Report: Buying Your First Home? What Not To Do after getting Pre-approval

Buying Your First Home? What Not To Do after getting Pre-approval

Upper Marlboro MD: I just closed on a townhouse in Perrywood Upper Marlboro for my clients on April 15th 2014 however the closing almost did not happened. I met the buyers in December 2013 and within a few days they are pre-approved for 300K. We started viewing homes, and we finally found the townhouse in Perrywood Upper Marlboro in March 2014. We wrote an offer on the townhouse and it was accepted a few days later. I submitted the offer to the lender, but the credit report the lender had on file expired so they ordered another report. The new credit report came back with drop in credit score. The score is so low that it almost derailed the loan. How did that happened? Well, one the buyers failed to make a $20.00 credit card payment on time in January 2014 ,by the time the payment was made the credit card already reported 30 days late on the credit file and this caused the credit score to drop by over 50 points. Thankfully the lender was able to use additional credit source to make the loan work and the buyer wrote a letter of explanation for the late payment.

I always informed my clients don't breath on your credit while trying to buy a house. The followings should be avoided at all cost after getting a mortgage pre-approval

- Don't apply for any new credit

- Don' t close any credit card account

- Don't change your job

- Make all your payment on time.

The above list is just a partial list of what not to do when you want to buy a house.

I have been in real estate business in Bowie, Fort Washington

and Upper Marlboro real estate markets for many successful years and will be here for many more.

Feel free to email at kejiyourrealtor@gmail.com or call me at 301-613-2043 or |
mail me to start a discussion of your needs. Don't forget you can always stop by my website www.homes-in-maryland.info and get an update on the new listings I have coming in the market.