What Not to Do When Buying a Home

Today I want to go over some of the things you should absolutely avoid doing when buying a home. Certain mistakes could cause the whole transaction to fall through.

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Today I want to go over some of the things you should absolutely avoid doing when buying a home.

Even though your loan may be initially approved, this doesn’t mean you are out of the woods just yet. I personally saw a couple of different buyers lose out on houses as a result of this.

While you’re in the process of buying a home, don’t make any changes. There are so many things that will be considered when you are being pre-qualified. It is critical that you wait until after the deal is done and over before you make any major changes that could affect your approval.

Wait until after the deal is done and over before you make any major changes.

For example: don’t quit your job. You need to stay put during the home loan process. Even moving up in a job should be put off until after closing.

Also, don’t go out and spend a lot. Buying a new home is exciting, but expensive purchases can cause you not to qualify for your loan. Charging things like a new car or a ton of furniture can greatly impact you. It’s better just to wait.

The next tip I have may sound a little weird, but it’s important that you don’t pay anything off. Paying off a credit card can actually be a detriment in the home loan process because it will change your ratios. Taking away a credit card can actually make your score go down. Even though it will recover in the future, the initial impact is going to spell trouble.

One of the key things to remember is to not do anything to change your credit while you’re waiting for closing. Also, don’t move large amounts of money around between accounts. Suddenly moving massive sums from one place to another can raise some questions.

If you have any other questions, would like more information, or want to hear the full list of things you should avoid while buying a house, feel free to give me a call or send me an email. I look forward to hearing from you soon.