Ramblings of a Baltimore area Realtor: June Piper-Brandon, Piecing Dreams One Home at a Time (Remax New Beginnings )

How Holiday Shopping can Ruin your next Home Purchase

These are some great tips for would be home buyers preparing to buy a home.  If your Realtor has experience and has been in the business a while, like I have, I am sure they will have experienced several scenarios and will caution their buyer clients about spending money, especially during the hliday season.

There are so many great reasons why the Holiday season is one of the most celebrated times of the year. Festivities, decorations, family, and food are just some of the best parts to be enjoyed along with friends and family. Whether you're an individual who prefers to sit at home and shop for gifts from behind your computer screen or you look forward to venturing out in to the bustling shopping centers full of kids waiting in line to get their picture taken with Santa Claus. Either way, there's no denying that this is also a marvelous moment for gift giving.

As the retail shops start to see an increase in patrons and profits the real estate market tends to experience the opposite. Between homeowners that are hustling to adorn their houses with lights and ornaments, and others who are busy preparing for parties and guests, purchasing or selling real estate is one of the last activities on the minds of those reveling in the holidays. 

However, even though the real estate market tends to see a slow down in activity during the winter doesn't mean there aren't individuals that are in need of buying or selling a home. What if you had a sudden job transfer or perhaps you made the decision to move closer to an aging relative who requires the assistance of a loved one. Maybe you wish to sell your home and move your kids in to a better school district before the new Spring semester begins. There are a multitude of reasons why you could find yourself shopping for a new place to hang your hat right in the middle of arguably the busiest time of year for most families. 

If you are one of those who individuals who's shopping list includes a new hat for Uncle Joe, a bicycle for your nephew, and a 4 bedroom single-story house with a 2-car garage and a bonus room for yourself, then you need to be aware that your holiday spending spree could have dire consequences and destroy the chances of getting qualified for a new mortgage.  Whether you've just begun your search or you're already under contract to purchase a property, here are three decisions to avoid that can ruin your ability to close on a home:


Applying for New Credit

I know it's tempting to accept the offer you received in the mail for 0% interest and no payments for six-months from that National credit card company. Especially when the wish lists of your family members seem to have doubled in size this year. But applying for any new credit while searching for a home can wipe out your lenders ability to gain a mortgage approval. This includes, but is not limited to, major credit cards, lines of credit, or department store charge cards. Taking on a new line of credit can severely change your debt-to-income ratio and alter other financial factors that play a roll in the loan approval process. Avoid any situation that will require an inquiry in to your credit score. 


Making High Dollar Purchases

What if you open the holiday edition of the weekly sales flyer from your favorite furniture store and the couch and love-seat combination that you've been anxiously watching finally went on sale and the savings is phenomenal! You couldn't imagine a better way to celebrate the holidays and your new home by relaxing around a fireplace enveloped in the comfort of your new furniture. To top it off, the flat-screen television that is sure to dazzle the neighbors when they come over for your next gathering is also being discounted to make room for the new years models to arrive. Clearly your lender will understand that these once in a lifetime savings would be foolish to pass up!

I can assure you, a lending institution will seriously scrutinize any purchase that is outside the normal spending habits of your household. Some banks will also require the borrower to keep a certain amount of money on hand throughout the entire lending process. If you spend any of that reserve which is supposed to remain in your account then don't be surprised if the door closes on your chances of being approved for your loan. 


Depositing or Transferring Large Amounts of Money

When applying for a mortgage, it's easy to send up red flags with a lender. Any and all aspects of your past and present financial footing will be under a microscope. It's not uncommon for couples or families to have multiple bank accounts in which purchases and deposits are made. Between savings accounts, checking accounts, and business accounts there are many valid reasons why an individual would need to transfer money or make deposits in to each and every bank account in which they have access. Cash gifts and company bonuses can be commonplace at years end. 

However, abnormal money transfers or unusually large deposits could send your lending institution in to a frenzy. There are many jobs or small businesses that make large deposits or money transfers each day. As long as you stay within the parameters of normal operating procedures for your company or personal accounts then you shouldn't worry. 


If you find yourself in one of these situations and are unsure of how to proceed then talk to your mortgage broker before taking any action. It's always best to play it safe with your credit scores and bank accounts during the entire loan application process. Even the most well intended financial decisions can wreak havoc on a successful loan approval. If you find yourself in need of applying for a new mortgage during the holidays then don't let an unfortunate misstep compromise your chances of moving in to your new home. 


If you or someone you know are in need of buying or selling real estate in the Gilbert, Arizona or East Valley areas then contact us today at ZionRealtyAZ.com. Not only will we help you find your next home but we can also recommend outstanding lenders who will assist you in gaining your next mortgage approval. 

For information on Real Estate in Gilbert Arizona contact us through our website at zionrealtyaz.com or follow us on Twitter @zionrealty and Facebook at Facebook.com/zionreaty



If you are thinking of buying or selling an home in  Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market.  Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad.  Ask me how.

June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP

Remax New Beginnings

City Living Expert







June Piper Brandon - Agent with Century 21 New Millennium

June Piper Brandon - Agent with Century 21 New Millennium

Comment balloon 3 commentsJune Piper-Brandon • December 04 2016 06:43AM
How Holiday Shopping can Ruin your next Home Purchase
These are some great tips for would be home buyers preparing to buy a home. If your Realtor has experience and has been in the business a while, like I have, I am sure they will have experienced several scenarios and will caution their buyer… more
Lutherville Real Estate Market Report for week ending December 3, 2016
Lutherville Real Estate Market Report The Week Ending December 3, 2016 Lutherville is located outside the Baltimore beltway north of Towson and is bordered to the east by Towson’s Hampton neighborhood, to the north of Ridgely Road by Timonium… more
Holiday Music Festival - Baltimore, MD
Holiday Music Festival Baltimore, MD My good friend Carol is a member of the Pride of Baltimore Chorus a Barbershop group from Baltimore and also a local Barbershop Quartet. They have performed in New York and in Vegas. On Sunday, December 11,… more
Dundalk, MD - Affordably Priced Single Family Home Just Listed
Dundalk, MD - Affordably Priced Single Family Home Just Listed Affordably priced detached home in Dundalk just listed by the Ed White Team of Remax Executive. This great 2 bedroom 1 bath home is on a great level lot, has off street parking, fenced… more
Mondo Deco Now Open in Baltimore's Waverly Neighborhood
Mondo Deco Now Open in Baltimore's Waverly Neighborhood Are you looking for something totally unique? One of a kind? to decorate your home or to give as a gift? Mondo Deco is now open in Baltimore's Waverly neighborhood. Mondo Deco carries fine… more
Baltimore's Bayview Neighborhood
Baltimore's Bayview Neighborhood Last weekend Live Baltimore hosted one of their City Living Starts Here events. This time they featured some of Baltimore's more easterly neighborhoods. One of these is Bayview Bayview is tucked away on the east… more
Protect Your Accounts - Scams and Fraud is Everywhere
Protect Your Accounts - Scams and Fraud is Everywhere I read an article this morning on Google about scams and fraud on the rise especially over the holidays. It was very informative. Afterwards I logged into my bank account and there was an… more
Remax Executive Helping Those In Need
Remax Executive Helping Those in Need The agents and staff at RE/MAX Executive came together with the help of their friends and clients in the communities we serve. Remax Executive agents collected 8, 520 pounds of food for the Anne Arundel County… more
This Week of Thanksgiving - Giving Thanks
This Week of Thanksgiving - Giving Thanks This has been a really tough year for us, lots of gains and lots of losses too. But, amidst everything I have plenty to be thankful for. I have a wonderful family. My kids have been incredibly… more
Speechless Sunday - Tis The Season…
Speechless Sunday - Tis The Season As I was driving home yesterday I saw the signs of things to come for the immediate future and there really are no words for this. I don't know if I'm looking forward to it or whether this is just a sign for the… more