The Ten Commandments When Applying For A Real Estate Loan

  • Thou shalt not change jobs, become self-employed or quit your job.
  • Thou shalt not buy a car, truck or van (or you may be living in it)!
  • Thou shalt not use charge cards excessively or let your accounts fall behind.
  • Thou shalt not spend money you have set aside for closing.
  • Thou shalt not omit debts or liabilities from your loan application.
  • Thou shalt not buy furniture.
  • Thou shalt not originate any inquiries into your credit.
  • Thou shalt not make large deposits without first checking with your loan officer.
  • Thou shalt not change bank accounts.
  • Thou shalt not co-sign a loan for anyone.

Pricing Misconceptions

It is very important to price your property at competitive market value at the signing of the listing agreement. Historically, your first offer is usually your best offer!

Discard:

  • What you paid
  • What you need
  • What you want
  • What your neighbor says
  • What another agent says
  • Cost to rebuild today

Buyers & Sellers Determine Value

The value of your property is determined by what a BUYER is willing to pay and a seller is willing to accept in today’s market. Buyers make their pricing decision based on comparing your property to other property SOLD in your area.