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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