The 10 Must-Nots When Buying a Home

Buying a home is an exciting journey, but it’s not without its pitfalls. After getting your offer accepted, you might think the hard part is over—but the truth is, there are still many steps ahead, and any misstep can turn your dream home into a missed opportunity. Hi, I’m Crystal with Elite Realty Group - Redfin, and I’m here to help you navigate this crucial phase of the home-buying process.

Over the years, I’ve seen many buyers make critical mistakes after going into contract on their homes. To ensure you avoid these common pitfalls and enjoy a smooth closing, here are the 10 must-nots when buying a home:

1. Don’t Change Jobs, Become Self-Employed, or Quit Your Job

Your employment status is a key factor in your loan approval. Lenders prefer stability, so any changes can raise red flags. Stick with your current job until after closing to avoid any hiccups in the process.

2. Don’t Buy a New Car, Van, or Truck—You May End Up Living in It!

While a new car might seem like a great idea, it’s best to wait. Purchasing a new vehicle increases your debt-to-income ratio, which could jeopardize your mortgage approval. Keep your spending in check until after you close on your home.

3. Don’t Use Any Charge Cards or Let Your Accounts Fall Behind

Your credit score is crucial during this period. Making large credit card purchases or missing payments can lower your score and affect your loan terms. Keep your spending minimal and make all payments on time.

4. Don’t Spend Any Money You Have Set Aside for Closing

The funds you’ve saved for closing are vital, so don’t dip into them for other expenses. You’ll need every penny to finalize your purchase, so keep that money untouched until the deal is done.

5. Don’t Omit Any Debt or Liabilities from Your Loan Application

Full disclosure is key when applying for a loan. Lenders need to see a complete picture of your financial situation, so don’t hide any debts or liabilities. They’ll find out eventually, so it’s better to be upfront from the start.

6. Don’t Buy Any Furniture, Even If the Payment Is Deferred Until Closing

It might be tempting to start furnishing your new home right away, but major purchases can alter your financial standing. Hold off on buying furniture until after closing to avoid any issues with your loan approval.

7. Don’t Allow Any Additional Inquiries on Your Credit Except for Insurance Purposes

Every time someone checks your credit, it can lower your score. Avoid applying for new credit or allowing unnecessary inquiries during the home-buying process.

8. Don’t Make Any Large Deposits or Take Out Any Large Withdrawals Without First Checking with Your Lender or Agent

Lenders will scrutinize large transactions, so it’s important to consult with them before moving significant amounts of money. This helps ensure everything goes smoothly with your loan approval.

9. Don’t Change Bank Accounts

Consistency is key when it comes to your finances. Changing bank accounts during the approval process can complicate things, so keep your accounts stable until after closing.

10. Don’t Co-Sign on a Loan for Anyone—Not for a Car, Not for a House, Not for Anything

Co-signing increases your liabilities and can negatively impact your loan approval. If you’ve already co-signed for someone, be sure to inform your lender right away.

By following these 10 must-nots, you’ll help ensure a smooth home-buying process and increase your chances of a successful closing.

If you have any questions or need guidance throughout the process, give me a call. I’m here to provide you with all the information and support you need to stay on track.

I’m Crystal with Elite Realty Group - Redfin, and I’m here to elevate your home buying experience! realtor, best agent, real estate, Southlake, Keller, Haslet, home buyer, home seller, home value, Trophy Club, Fort Worth, new home, house, home selling, seller tips, 4wheeltorhomes, 4wheeltor, Crystal Zschirnt, Westlake, Roanoke, Justin, Northlake, Flower Mound, Argyle, Texas

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