In Escrow? Stop Spending Immediately!

Congratulations, you have found your dream home and are now in escrow. Your Loan Officer has run your credit, pre-approved you and is now working on getting your finances finalized.

You are packing up your belongings and excitedly planning where everything will go in your new home, and what extras you will need – carpet, paint, lawn mower, etc. BUT STOP RIGHT THERE!

Beginning June 1st, your Loan Officer will be required to run your credit for a SECOND time right before your mortgage is fully funded. The last minute credit report is designed to find out whether you’ve increased your current credit debt, obtained, or even applied for, new debt – a Home Depot credit card for example - between your initial loan application and closing. Anything you may have applied for – furnishings, line of credit, new car, landscaping, new credit card, or even purchased, anything – could potentially threaten the ability to finally obtain and close your mortgage. EVEN IF YOU HAVE JUST APPLIED BUT NOT YET SPENT.

Be patient, don’t even think of applying or spending on current cards until you have closed escrow, it’s better to be safe than sorry.

Need more information, let me know, I am here, I can help!


Jane Loveday
Windermere Real Estate Agent
Cell: 619-519-1615
http://janeloveday.com
http://www.facebook.com/realestatesandiego

What do I know about Real Estate? Not much apparently!

I recently took a very brief quiz from the National Association of Realtors about understanding today's home buyers and sellers. I scored 4 out of 11! Why am I telling you this? Because the market is constantly changing and we are striving to keep up with the wants and needs of buyers and sellers.

One question was "What was the most common incentive that sellers offered in the sale of the home?" I thought it would be closing costs, but I was wrong, it was a home warranty policy!

Another was "How long does the typical buyer search before purchasing a home?" It used to be pretty quick, but now I thought 8 weeks. WRONG! It is actually 12 weeks.

However I was right on 4 remember, and I think most importantly, "What service do buyers most often say they want from a Realtor?" being right on this "Finding the right home to purchase". Also "What service do sellers most often want from their Realtor?" of course, is "Pricing their home competitively".

So as I and my fellow Realtors continue to educate ourselves as to your needs and wants, know that understanding you, your timeframes, preferences and emotions, helps to make us better serve you. I am here, I can help!

Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego