10 Tips to Buying a Home

 

These 10 Tips home buyers must follow may seem like common sense to many. Buyers, however, can sometimes forget with all the excitement surrounding the buying of their new home. In the past couple of weeks, I have heard of two separate buyers who saw their home loan turned down and their dream shattered a few days before closing because they had bought furniture for their new home before it actually became their home. Both of them now have beautiful furniture with no home to put them in. I always stress that once a buyer gets pre-approved and the process is started, they can't do anything that might affect their credit.

 

1. Don't change jobs, become self-employed or quit your job.

2. Don't  buy a car, truck or van (or you may be living in it)!

3. Don't use credit cards excessively or let your accounts fall behind.

4. Don't spend money you have set aside for closing.

5. Don't omit debts or liabilities from your loan application.

6. Don't buy furniture.

7. Don't originate any inquiries into your credit.

8. Don't make large deposits without first checking with your loan officer.

9. Don't change bank accounts.

10. Don't co-sign a loan for anyone.

 

If you are in the process of buying a home, remember that your credit must not change or be affected in any way until you actually sign the paperwork and get possession of your new home. Lenders will not only look into your credit when you first get pre-approved, they will check it again (and sometimes again and again) before they let you sign the mortgage. If you want to buy new furniture for your home or change jobs, just be patient. There will always be time to do it after the closing.