Here's a special Thanksgiving/Black Friday installment of Do's and Don'ts for prospective buyers or refinancing homeowners embarking on, or already engaged in the mortgage process. In case it needs to be said, the "Don'ts" are strictly for comedy (though many are based on real world examples of things that will kill or greatly delay the mortgage process and/or impact your satisfaction with your new home).
The "Do's," on the other hand, are potentially valuable nuggets of information that may greatly benefit your mortgage experience. In fact, most of them can end up making a difference in the success or failure of a loan, and at the very least, can help avoid costly delays.
Do: Consider whether the kitchen size and oven capacity of your new home is sufficient for your entertaining needs.
Don't: Ask a potential new neighbor whether you can "borrow" their oven to bake Aunt Mildred's sweet potato casserole.
Do: Ensure your new home has convenient access to grocery stores so you can acquire food for your Thanksgiving dinner.
Don't: Install a backyard pen at your new house to rear a free range turkey for next year's feast.
Do: Feel comfortable with the price you offer for your new home.
Don't: Ask your loan officer to discount your appraisal fee "since everything's on sale for Black Friday."
Do: Have Thanksgiving guests park near your new home, leaving neighbors room for their holiday visitors.
Don't: Put out large "No Parking" signs on your entire block to cut down on traffic congestion.
Do: Use the extended holiday weekend to view listed homes you're interested in.
Don't: Ask your agent to set viewing appointments at 5:00 AM to avoid missing Black Friday sales afterwards.
Do: Watch the plethora of crucial weekend football games in your new home with your extended family.
Don't: Issue binoculars to your visitors so they can watch the games on your new neighbor's big screen.
Do: Have antacids and Alka-Seltzer on hand for guests who overindulge on holiday refreshments.
Don't: Offer a home seller a large plate of Aunt Mabel's rum balls in hopes of obtaining a better sales price.
Do: Ask visitors to throw their coats on an upstairs bed to avert closet congestion.
Don't: Forget to ensure Uncle Fred is not "asleep" on said bed after consuming ample amounts of Aunt Mabel's rum balls.
Do: Display Thanksgiving decorations tastefully throughout your new home.
Don't: Mount a giant lighted, gobbling turkey on your roof to impress your neighbors.
Do: Take advantage of free "Cyber Monday" shipping to obtain furnishings for your new home.
Don't: Have holiday purchases shipped to your new neighbors' homes so deliveries don't disrupt your child's nap schedule.
Above all else, DO remember that your loan originator wants to close your loan as quickly and as efficiently as you and the good ones fully appreciate that their borrowers' satisfaction plays a huge role in their long term success. Happy Home Shopping and Thanksgiving!
