These Words Will Strike
Fear in the Heart of
Fear in the Heart of
Your Chicagoland Mortgage Lender:
"Let's Go Shopping!"
As we often do, my wife and I watched an episode or two of shows on HGTV last night. One episode we saw revolved around a young cute couple, Ed and Courtney.
As typical with many First-time Buyers, the young couple had pretty lofty hopes for the home they hoped to buy. They were looking for the "perfect 10" property.
And as often happens with First-time Buyers, this young couple had champagne taste ... but a beer budget.
Eventually, this endearing couple did find a home that fit enough of the criteria they'd hoped for and made their offer to buy. Their offer was a bit stingy and negotiations ensued. But they finally reached a compromise with the Seller and everyone was thrilled.
And then this episode went south for me ...
As HGTV was neatly wrapping-up the episode, the young wife said ... "Let's go shopping! We need lots of new furniture to fill all those rooms!"
I almost fell off my couch. Stop the cameras!! What??? Had I really heard what I think I just heard?
Now I know HGTV's Property Virgins show is focused primarily on the home search itself. But a very important component of that search should include SOME information regarding mortgage financing. At minimum, HGTV should not have promoted the mindset they did at the end of this particular episode.
My wife made the comment that she'd loved to have known if this young couple's financing went through the mortgage process and underwriting successfully ... or if they suffered the consequences of their furniture buying spree.
As a Mortgage Lender, I've got to tell you ... hearing that young wife's words put me into a cold sweat. I wanted to scream "STOP!"
It's my belief that HGTV acted irresponsibly when they allowed that young wife's comment to air without addressing the possible fallout of her planned actions. It would have taken only a few moments to do so.
By providing that brief "teaching moment" they could have helped save so many other Buyers. Perhaps even saved their transactions from failure.
I've written on this subject before, but it bears repeating ...
Credit, credit scores, debt, savings, employment, etc. ... all can be incredibly fragile during the period leading up to Mortgage Application and throughout the Mortgage Processing and Underwriting period itself.
A new updated credit report will typically be pulled just prior to Closing. Opening-up new credit, paying-off old credit, moving monies and accounts, employment changes, buying cars or furniture ... can cause big problems for you when you're in the process of buying and financing a home. It can even kill your deal. So, don't do anything monetarily without talking to me, your Mortgage Lender, FIRST!
These Words Will Strike Fear in the Heart of Your Chicagoland Mortgage Lender: "Let's Go Shopping!" HGTV proved you cannot believe or trust everything you hear or see on media.
As your Chicagoland Mortgage Lender, I say ... don't get swept away by the excitement of buying a home until the ink is dry on your Closing Documents. You have to reign in that excitement and stay focused on your primary goal: A Successful Closing!
Listen and follow my advice throughout your entire home buying process. Shop and celebrate after your Closing ...
* Hoping to Buy a Home or Refinance in the Lincoln-Way Area, Will County, or elsewhere in Chicagoland? Contact Me Today! I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
I can be easily found at:
Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including: The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.
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