One "Harmless" Home-Buying Mistake Steals Keys From Sarasota Home Buyer!
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Mike Payne
Mar 27, 2013, 9:40:03 PM3/27/13
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Article Title: One "Harmless" Home-Buying Mistake Steals Keys From Sarasota Home Buyer!
Author: Mike Payne
Word Count: 807
Article URL: http://www.isnare.com/?aid=641702&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=641702
Easy Publish Tool: http://www.isnare.com/html.php?aid=641702
*********************** ARTICLE START ***********************
Diane M. of Sarasota, Florida, sacrificed the keys to "her" new home!
Sadly, Diane is not alone. What is happening to Diane has happened to other house hunters purchasing a home. Before you jump into your car and rush to the local Home Depot or Lowe's to buy brand new home appliances and drapes and window treatments for the home you are in escrow to buy, make certain you uncover the oversight causing Diane to forfeit her home-buying opportunity.
As Diane anxiously waited during escrow to close on her new house, she was motivated to change the obsolete appliances with new stainless appliances. She also intended to rip out all window treatments, exchanging them with modernized treatments matching her tastes. To generate these types of improvements before the actual ink dried on her home loan paperwork, Diane rushed to purchase appliances and drapes and window treatments, totaling $3,724.00.
In no way did Diane feel she had done anything to endanger her escrow. Based on Diane, no mortgage loan or realtor had informed her -- or even recommended to her - not buy something significant with cash or even credit throughout escrow.
Ends up, Diane's credit utilization soared, inducing her credit ratings to drop under the mortgage loan banker's minimal needed credit scores. How this works is that Diane seemed to max out her charge cards. This took place in one of two ways: 1) She used plastic cards that don't report the credit limit to the credit scoring companies. Card company reports credit balance. As a result, any charged amount would certainly appear to be maxing out the actual credit card. As an illustration, if she had billed $200.00, that $200.00 might appear Diane is utilizing 100% of available credit. Such credit card issuers simply report the specific credit balance, not debt and limit; 2) Diane's $3,724.00 purchases pushed her credit utilization beyond 30%, thus penalizing her credit ratings.
Regrettably, few people understand (especially with new house mortgage underwriting guidelines and practices) that home loan underwriters confirm every thing. Even with home loan commitment, underwriters (right before issuing funds to the title agent) will analyze (your) credit to verify (your own) credit history still falls within financing rules. With most people, their credit ratings are good enough they don't really lose the actual keys. With their situation, they might get hit with a greater interest rate.
When the home loan underwriter discovered Diane's fico scores had dropped below the bare minimum credit requirements, the home loan banker terminated Diane's mortgage loan commitment, removing Diane's chance to buy. Absolutely no amount of yelling, pleading with or begging did Diane a bit of good; nor would it it do you worthwhile either. According to Diane, her home loan person and real estate agent in no way informed her not to buy anything through escrow.
Main point here: Diane didn't get hold of the keys to her brand new house!
If you plan to purchase a house, do not buy anything on cash or credit, unless it's something you normally buy. No large buys. Close on your home initially and then dash out to purchase the new kitchen appliances and window treatments. Incidentally, if you found a good deal from the neighborhood Home Depot and you hate losing out on this incredible appliance discount, talk specifically with the store's supervisor. Tell him/her your circumstance. Ask if if he/she will recognize the deal if you purchase right away when you close.
You might be amazed to discover a responsive store manager who's ready to do business with you. Give it a shot. The alternative, needless to say, is the (danger of) losing out on the chance to buy your new home.
Click the link below now to discover "the rest of the story" about these 10 home-buying tips:
1. Are you really prepared to settle down?
2. How is your credit?
3. How much house (should) you pay for (and can you safely afford)?
4. Have you got enough down payment, reserves & settlement costs to afford to buy a house?
5. How is the neighborhood?
6. Do you have an exclusive buyer's agent?
7. Do you want to "buy down" the interest rate?
8. Have you been pre-approved?
9. What's the local economy like?
10. What is the property's shape?
Sarasota real estate agent Mike Payne assists relocation buyers discover & purchase their own primary, vacation or investment property. Mike particularly helps homeowners facing foreclosure. This town definitely does not need any more Sarasota foreclosures. As well, Mike and his team also implement powerful Online marketing abilities to assist sellers present their homes to buyers around the world, not merely to house buyers in the Sarasota area.
About The Author: Mike Payne, Sarasota real estate agent, helps people buy and sell real estate in and around Sarasota. For 10 costly mistakes buyers and sellers commit, handing them a serious migraine, go now to my blog @ http://www.sarasotahomesforsalenow.com/blog
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=641702
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Mike Payne
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=641702
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=641702
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: One "Harmless" Home-Buying Mistake Steals Keys From Sarasota Home Buyer!
Author: Mike Payne
Word Count: 807
Article URL: http://www.isnare.com/?aid=641702&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=641702
Easy Publish Tool: http://www.isnare.com/html.php?aid=641702
*********************** ARTICLE START ***********************
Diane M. of Sarasota, Florida, sacrificed the keys to "her" new home!
Sadly, Diane is not alone. What is happening to Diane has happened to other house hunters purchasing a home. Before you jump into your car and rush to the local Home Depot or Lowe's to buy brand new home appliances and drapes and window treatments for the home you are in escrow to buy, make certain you uncover the oversight causing Diane to forfeit her home-buying opportunity.
As Diane anxiously waited during escrow to close on her new house, she was motivated to change the obsolete appliances with new stainless appliances. She also intended to rip out all window treatments, exchanging them with modernized treatments matching her tastes. To generate these types of improvements before the actual ink dried on her home loan paperwork, Diane rushed to purchase appliances and drapes and window treatments, totaling $3,724.00.
In no way did Diane feel she had done anything to endanger her escrow. Based on Diane, no mortgage loan or realtor had informed her -- or even recommended to her - not buy something significant with cash or even credit throughout escrow.
Ends up, Diane's credit utilization soared, inducing her credit ratings to drop under the mortgage loan banker's minimal needed credit scores. How this works is that Diane seemed to max out her charge cards. This took place in one of two ways: 1) She used plastic cards that don't report the credit limit to the credit scoring companies. Card company reports credit balance. As a result, any charged amount would certainly appear to be maxing out the actual credit card. As an illustration, if she had billed $200.00, that $200.00 might appear Diane is utilizing 100% of available credit. Such credit card issuers simply report the specific credit balance, not debt and limit; 2) Diane's $3,724.00 purchases pushed her credit utilization beyond 30%, thus penalizing her credit ratings.
Regrettably, few people understand (especially with new house mortgage underwriting guidelines and practices) that home loan underwriters confirm every thing. Even with home loan commitment, underwriters (right before issuing funds to the title agent) will analyze (your) credit to verify (your own) credit history still falls within financing rules. With most people, their credit ratings are good enough they don't really lose the actual keys. With their situation, they might get hit with a greater interest rate.
When the home loan underwriter discovered Diane's fico scores had dropped below the bare minimum credit requirements, the home loan banker terminated Diane's mortgage loan commitment, removing Diane's chance to buy. Absolutely no amount of yelling, pleading with or begging did Diane a bit of good; nor would it it do you worthwhile either. According to Diane, her home loan person and real estate agent in no way informed her not to buy anything through escrow.
Main point here: Diane didn't get hold of the keys to her brand new house!
If you plan to purchase a house, do not buy anything on cash or credit, unless it's something you normally buy. No large buys. Close on your home initially and then dash out to purchase the new kitchen appliances and window treatments. Incidentally, if you found a good deal from the neighborhood Home Depot and you hate losing out on this incredible appliance discount, talk specifically with the store's supervisor. Tell him/her your circumstance. Ask if if he/she will recognize the deal if you purchase right away when you close.
You might be amazed to discover a responsive store manager who's ready to do business with you. Give it a shot. The alternative, needless to say, is the (danger of) losing out on the chance to buy your new home.
Click the link below now to discover "the rest of the story" about these 10 home-buying tips:
1. Are you really prepared to settle down?
2. How is your credit?
3. How much house (should) you pay for (and can you safely afford)?
4. Have you got enough down payment, reserves & settlement costs to afford to buy a house?
5. How is the neighborhood?
6. Do you have an exclusive buyer's agent?
7. Do you want to "buy down" the interest rate?
8. Have you been pre-approved?
9. What's the local economy like?
10. What is the property's shape?
Sarasota real estate agent Mike Payne assists relocation buyers discover & purchase their own primary, vacation or investment property. Mike particularly helps homeowners facing foreclosure. This town definitely does not need any more Sarasota foreclosures. As well, Mike and his team also implement powerful Online marketing abilities to assist sellers present their homes to buyers around the world, not merely to house buyers in the Sarasota area.
About The Author: Mike Payne, Sarasota real estate agent, helps people buy and sell real estate in and around Sarasota. For 10 costly mistakes buyers and sellers commit, handing them a serious migraine, go now to my blog @ http://www.sarasotahomesforsalenow.com/blog
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=641702
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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