I use these--my list can use a little work:

Mortgage Do’s and Don’ts

The Do’s

·        Do – Keep all originals, and have access to all of your pay-stubs, bank statements and other important financial documents.

·        Do - Provide your Earnest Money Deposit from your own personal bank account or acceptable gift funds.

·        Do - Notify your Loan Originator if you plan to receive gift funds for closing.

·        Do - Notify your Loan Officer of any employment changes such as recent raises, promotion, transfer, change of pay status, for example, salary to commission.

·        Do - Stay employed if employment income is used for loan approval.

·        Do - Save money to your account provided for verification of assets.

·        Do - Make timely payment on all current debt obligations, including any current mortgage, car, student loan or credit card.

·        Do - Notify loan officer regarding any changes to your employment status, (i.e., promotion/demotion, job loss).

·        Do - Notify loan officer of any loss of income.

·        Do - Notify loan officer of any depletion of funds needed to close.

·        Do - Notify loan officer of change of current address, phone or email.

·        Do - Notify loan officer of any deposit you expect to made not related to your payroll, pension, SSI or income tax refund.

·        Do - Notify loan officer if you expect to receive gift from relative, employer, union hall or non-for-profit organization.

 The Dont’s

·        Don’t- Close or open any asset accounts or transfer funds between accounts without receiving the correct documentation required for your loan.

·        Don’t - Change jobs/employer without inquiring about the impact this change might have on your loan.

·        Don’t - Deposit any monies outside of your payroll deposits, particularly cash or sale of personal property.  Many guidelines require substantial documentation as to the source of these deposits.

·        Don’t - Open or increase any liabilities, including credit cards, student loans or other lines of credit during the loan process.

·        Don’t - Make major purchases prior to or during your contract, such as new car, furniture, appliances, etc. as this may impact your loan qualification.

·        Don’t - Advance of any cash from credit card or borrow funds for closing.

·        Don’t - Change your legal name.       

·        Don’t - Take any unpaid time off.

·        Don’t - Schedule any vacation or time off for any reason if all possible before closing.

·        Don’t - Alter any documents in any way.

    In addition to Buyer's remorse, watch out for the nay-sayers:  Mom and Dad don't like the house, a friend can find you a better deal, etc.

In addition to all of the stuff everyone else will cover, I think you should include "Buyers' Remorse".  People need to know that everyone gets it.  It's a normal part of the buying process. 

How to tell the difference between a custom built, modular, and manufactured home.

Hi John 101 might be overwhelming for those who need the advice...do you think it could be 20 or even better ten things to know?   I'd like a copy when you publish it.  

Buying in real life is not like reality TV! No one comes in with a video camera and makes you look like a star. It takes a team of advisers and professionals to help you buy a home - trust them, lean on them, and thank them for their service to you.

Find ONE real estate agent (or team) with the personality that matches you and with the expertise to help you find what you need and ONLY work with them.  All agents have access to the same MLS data, so having a posse of agents is not helping you.

Rainy day fund...

1. Get preapproved from the start so you know what you can afford to buy and don't waste anyone's time looking at property which won't work for you.

John Meussner - I have learned a lot from the posts here from experts in this field, including you.

As much as I go over the details with them about financing, I cannot replace the expertise you have - though one thing I tell them - work with just one! (as I expect a lender to tell them - work with the one Real Estate professional only.)

Buyers should know that they need to have an experienced real estate professional to advise them on every step of the transaction.

There is one at the bottom of my page.

Prepare the buyer. The listed price or higher is the selling price. Not every property owner and their agent build in wiggle room.

They need to know large deposits will have to be explained. Also gift funds must come from immediate family and papertrailed. This seems to make more of my clients and their family members angry than anything.

Scott Lawson, and others gave some great answers. I would add that any buyer, first time or not, should feel comfortable with their lender to ask any question that they may have. Our job is to make the whole scary process unscary and make them feel that they are doing the right thing and it should be a joyous event

Knowing that you are ready to take personal repsonsibility for any repairs now that there is no landlord to do it for you.

Don't do anything to mess up your credit.

Ber ready to show your personal information several times...ALL OF IT!

I would love a copy. 

Buyers need to know it doesn't pay to try to hide anything from their lender. I had some buyers that didn't think the bank would notice the liens on their house. They were trying to do a home equity line of credit to purchase another property. They wasted a lot of my time. They knew all along about the liens and admitted they had no intention of paying them off. 

Beautiful!

Points: pluses and minuses

the new trid process quick notes

credit scores and their impact

impact of other loans

"well what if I have a room-mate" how does that impact anything

affording on paper v. reality.  (i.e. "house poor")

Looks like almost everything has been covered here. One thing I'll add is be prepared to provide Proof of Funds. And that needs to be liquid, not in a 401k or stocks.

that was a bonus from Scott Lawson ...nice list..... 

John,

It is a wonderful idea, but I think 101 things will not be read by prospective buyers.  As it is most of us have a 10 second attention span given the bombardment of information coming our way.  A

Always tell the truth . Do not report inaccurate numbers like income if you are self employed . 

Getting approved for a certain amount does not mean buyers should obtain that loan amount. There should always be funds reserved for that rainy day...say about 6 months.

BEFORE making the offer:

1. Get to know the neighborhood  (drive around at various times)
2. If they have children research the schools
3. If they are seniorss, get to know opportunities for seniors
4. Learn about medical offices
5. Learn about insurance - floor zone or other issue?

Gosh I could do 101 right now LOL

Pull ones credit first and then go from there

John Meussner ~ hi John, email me at nina@ninahollander.com and I will forward you my document I hand out titled "don't get yourself into a pickle."

Scott Lawson nailed this one!

Oh, Scott Lawson gave you some great ones!  I had one fall through this year that the buyer paid off a credit card like the lender told her to do but, then also CANCELLED the card - that cost her enough points in her DTIR that she no longer qualified to buy the house!

Practice fiscal responsibility

Knowing they should be proactive about sourcing deposits in their bank accounts for you.  Agents hear this complaint all the time like you are unreasonable for asking.  If they knew up front, it would keep them from feeling they are under an microscope and may even keep them from depositing the $10 check their grandmother wrote them for their birthday that holds up closing.