Don't Trip-Up Your Home Buying Plans This Holiday Season ...
Spend and Give Wisely!
"Tis the Season ...
The above words typically refer to the "Holidays" ... joy, love, laughter, family, giving, sharing ... all the meaningful and good things in life.
But they also can mean ...
Tis the Season of huge sales. Tis the Season to buy loved-one and friends' gifts. Tis the Season of massive appliance and car sales. Tis the Season to charge items.
Tis also the Season that you will hear those fateful (and somewhat frightful) words, "Would you like to open a charge account? You'll save another 10% on your purchase."
Tis the Season! Yeah right!
Temptation is everywhere. And all too often during the Holiday Season, shoppers succumb. For those Holiday shoppers presently in the process of buying a home ... Oooooooooeeeeeee! They could also be the words of warning!
Buy! Charge! Be tempted too much ... and you'll find that you've tripped-up your credit scores and completely derailed the home purchase your dreaming of. That your mortgage process has become much longer, more involved, and ... probably messy too. Remember, your credit is re-run just prior to your home closing. If your credit scores have changed or dipped too low, the mortgage approval can be rescinded.
Tripping-up your credit and derailing your dream of a new home purchase is very easy to do and can be done in the blink-of-an-eye. Especially during the Holidays. Depending on your credit scores at the time, it can be accomplished with just one unwise purchase or credit charge. ONE! What was done so quickly and easily isn't so easy to un-do. Credit isn't improved or mended as quickly or easily as it's damaged. It takes time and much effort to regain valuable credit scores. That could mean the sellers will not wait for you to improve your credit scores so you can continue the purchase. That could mean you lose the home your hoping for. That could mean underwriters and lenders will not approve your mortgage ... at least until your credit scores are raised once again.
So, while you're standing at that check-out this Holiday Season ... consider long-and-hard all of the above very seriously, should you be in the process of buying a home. Or should you be in mortgage processing to complete the purchase. Or you are considering a home purchase within the next year. Well, in fact ... if you're anyone!
Don't trip-up your chances during the temptation of the Holidays. Don't trip-up your dreams of a home. Don't trip-up your credit. Have a safe and Happy Holiday Season on wise and sound financial footing ... and be able to enjoy the New Year in your new home.
* Protect yourself from "tripping-up" during your quest for a new home or mortgage financing. Contact me today. I've got 35 years of experience and expertise with which to help you land successfully "on your feet" during your mortgage process. I can also assist you with your credit concerns and questions.
Contact me through any of the following methods. I'll be happy to hear from you:
Direct: 815.277.4036 Cell/Text: 708.921.6331
Email: gene@chicagobancorp.com
Website: www.genemundt.com
Skype: 630.219.1316
Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
1823 Centre Point Circle, Naperville, IL 60563
Skype! 630-219-1316
Nicely written, spend and give wisely - Wisely being the key! Good Luck in the New Year!
Thanks Jo! I appreciate the thumbs-up. And I'm hoping that the credit and home buying info gets out and proves beneficial ...
Gene
So true, I've been doing a little shopping in Kohls and always get asked. That I don't mind but talk about handling my objections, I felt like I needed to keep creating them to get her to stop. Whatever happened to no meaning no.
I guess my decision was not wise for their company!
What a good - and timely - caution! The holiday season brings so many temptations to spend, spend more - and adding more credit card debt isn't really a great idea for any of us - buying a house or not.
Gene -- what great advise for those in the midst of trying to get their home purchased! And you are right about how pushy the clerks can be on trying to get you to get one of their cards.
Gene, sage advice for all as the holidays can really make us or break us. I, myself, have a list and stay on the course!
Corinne: Seems we see the extremes with this in the stores. Either the clerk doesn't care one bit ... or, as you know and experienced, they care too much. My hopes is that my clients say "NOPE ... I'm buying a home!"
Nancy: So true! It's too easy to put it "on the card". SO very hard to get it off the card and debt. Hope many hear your words ...
Steven: You and I know what damage can be done when our clients say "charge" too much. Nothing is more frustrating to me. And as Corinne mentions above ... no must mean no when someone says it ...
Maggie: Good for you! Stay the course throughout the holidays (as best as humanly possible). So important for everyone ... but especially for those buying a home or hoping to.
Gene
I just read a post about the trip up/slip up. Buyer went and put $8,000 on their credit card. Blew the income-to-debt ratio a tad higher than the underwriter wanted it. Now they are struggling to get back up and close. Good post at the right time of the year!!
Thanks Carla! Sad to hear this unfortunate tale ... and no matter how many times some clients are warned, it still happens. The price they pay can be pretty steep too and very nerve-wracking. This holiday season is ripe for unfortunate tales. Hope this post proves beneficial ...
Gene
Good advice for prospective mortgage borrowers.
Happy Holidays!
Longwood Gardens IMG_2178
A Longwood Christmas. Photograph by Roy Kelley.
Roy and Dolores Kelley Photographs
Thank you for your comments and the beautiful gift picture, Roy! Absolutely stunning. Hope you and your entire family have a wonderful Holiday celebration ...
Gene
hi Gene ~ Wherever I've been shopping lately, they often say "would you like to save an extra 10% today?" and although I'm not going to applying for a mortgage anytime soon, I still decline their "offer." Store credit cards are notorious for carrying higher interest rates, anyway!
Definitely, Maureen. Much higher ... and typically not much of a deal in the long run. What may seem like a minor thing to do ends-up being disaster for your credit. Glad to hear that you are passing them by.
Have a very Happy Holiday ...
Gene