RE: Real Estate Podcast

Show Notes  –  Episode 81

 

Content Type:  Discussion

Primary Goal:  Educational

10 commandments mortgage lending, home buying mistakes, pre-approval to closing, debt to income ratio, credit score mortgage, down payment rules, undocumented deposits, co-signing loan, bank account mortgage, mortgage process Louisiana, South Louisiana home buying, first-time home buyer tips, VA loan Louisiana, USDA loan Louisiana, mortgage mistakes, closing day tips, loan process tips, annualcreditreport.com, Consumer Financial Protection Bureau

 

 | Cold Open “We’ve seen deals die in the final week of closing. Not because of the house. Not because of the seller. Because of something the buyer did after they got pre-approved. Let’s talk about it.” – Clint Galliano

 

Pre-approval doesn’t mean you’re done. The window between pre-approval and closing is where deals go to die – and almost always because of something entirely preventable. Clint and Ben walk through the 10 Commandments of Mortgage Lending: the things every buyer needs to hear before they touch anything financial.

 

Lenders verify employment on the day of closing. One of the largest wholesale mortgage lenders in the country has an entire department whose only job is to call employers on closing day. Quit the morning of closing and you don’t close.

New debt changes your debt-to-income ratio. Modern lenders have direct bank account access. Any new debt may send you back through underwriting.

Even if you replace it before closing, a balance dip and recovery triggers a review. Leave it parked and untouched.

Lenders pull credit again right before closing. A balance spike or missed payment can change your score enough to affect your rate or knock you out of qualification.

A car dealer running your credit – even “just looking” – flags the underwriter that you’re about to take on debt. Every hard inquiry also lowers your score.

Financing a sectional opens a new credit account mid-process. New debt, lower score, back to underwriting.

True story: a buyer deposited $10,000 from a coffee can right before closing. The deal died – no paper trail. Every deposit needs documentation. Money needs to be seasoned.

Lenders need a consistent, traceable financial history. One client used a Chime account with no printable statements – it added six months to the closing timeline.

Co-signing makes that debt yours. It counts against your debt-to-income ratio and may slow or kill your closing.

The catch-all. Don’t buy anything. If you’re unsure whether something is a problem, call your lender before you do it – not after.

 

 | “We’ve seen deals die in the final week of closing. Not because of the house. Not because of the seller. Because of something the buyer did after they got pre-approved.” – Clint Galliano “Your job right now is to buy a house. Go to work, go home, get your boxes packed.” – Ben Harang “Keys in hand first, big purchases second.” – Clint Galliano “One conversation could save your closing.” – Clint Galliano “Call your lender before you do anything – not after.” – Ben Harang

 

 

 | Before your next lender conversation, write down every financial move you’re considering in the next 60 days: job changes, big purchases, large deposits – anything. Take that list to your mortgage banker and go through it line by line. One conversation could save your closing.

 

 

 

 | Reach out to Clint or Ben for a personalized consultation before you start the loan process. Clint Galliano, REALTOR®  |  clintgalliano.kw.com  |  clintgallianoreviews.com Ben Harang, REALTOR®  |  benharang.kw.com

 

 

 

 | Clint Galliano, REALTOR® South Louisiana Home Group Keller Williams Realty Bayou Partners VA Loan Specialist | Seller Representation | Investor Services Website: clintgalliano.kw.com Reviews: clintgallianoreviews.com | Ben Harang, REALTOR® Keller Williams Realty Bayou Partners Houma–Thibodaux, Louisiana Land, New Construction & Long-Tenured Market Expertise Website: benharang.kw.com