Tips when in the process of purchasing a home.
- Do not buy or lease a vehicle. When purchasing any large item or making a purchase on a credit card, your debt to income ratio may be affected. Lenders are very concerned about this debt to income ratio and the change may affect you qualifying for a loan.
- Any money added to an account must be accounted for. Don’t add mattress money to an account.
- Don’t start transferring funds around. All funds need to be accounted for.
- Do not change jobs when in the middle of purchasing a home without putting a plan together with your lender.
- Be in complete communication with your lender regarding your finances.
- Do not order any furniture, appliances, etc. for your new home until you close escrow.
- Don’t run your credit report during the process. This is a red flag to the lender. The lender will be wondering what other purchases you are planning on making.
- If you want a copy of your credit report, just ask your lender.
- Do not consolidate all your debt into one place during the home buying process.
- Be sure to have all your important papers available before packing i.e. tax returns, bankruptcy papers, etc.
These are important tips to remember when getting ready to purchase a home.
Please let me know if I can help you with your listing or home purchase. I am here to help you!
Your Real Estate Agent,
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