While a big part of being a real estate agent is counseling clients on all the steps they should take during the buying process sometimes it is just as important to tell them what not to do.
Here’s a helpful article to pass on if any of your buyers start discussing other big financial moves they plan on making while they are also applying for a mortgage—such as buying a new car, charging thousands of dollars of new furniture for the new house because it “was on sale that week”, or quitting their job.
Many clients are under the misunderstanding that once they are approved for the loan their finances are no longer under scrutiny, but banks pay close attention to the buyer’s financial details right up until the home closes.
Has this happened to you? What advice do you have?