What NOT To Do If You Are Buying A House

What NOT To Do If You Are Buying A House

There are a few significant “don’ts” when you’re in the market for a new home – even after you’ve been pre-approved and have an accepted offer. While most of what you’ll be doing for a while is waiting and redecorating in your mind, it is highly important to not do any of the following:

1 – Don’t buy furniture! Even if you’re a first time buyer and you don’t have more than a bed and a Keurig resist the temptation to purchase anything. You definitely don’t want to spend any cash you have saved or open any new credit accounts.  Window shop to your heart’s content and make a list but don’t buy it until after closing.

2 – Don’t apply for new credit cards! As we said above now is not the time to take on any new debt or even the appearance of obtaining new debt. It could adversely affect your credit rating.  No New Cards!

3 – Don’t buy a new car! This would be considered new debt (see above.) Just back away from the car dealership or you could find yourself living in the new car instead of the new home.

4 – Don’t get a new job! Even if this new and better job means a bigger paycheck, now is not the time. Lenders like consistency and don’t like major changes. It could derail your deal.

5 – Don’t close any credit accounts! This may seem contradictory to your quest of cleaning up your credit but you should have done this before you started house hunting. Closing accounts can look bad on your credit report and actually adversely affect your score.

6 – Don’t move money around without a paper trial! Your lender needs to know where any money you are using in the purchase of your home came from. This means you need documentation for any cash you will be using for earnest money, down-payments and at closing.

7 – Don’t spend your savings! You may not end up needing it but you never know what’s going to happen during the negotiation process. You might need a larger down payment to secure your loan or more at the closing table.

8 – Don’t get behind on any payments! This should be a no-brainer but with everything else that is going on in your life right now it’s easy to forget things. Make sure your credit card and current mortgage or rent are paid on time.

Wow! It’s almost like we don’t want you to do anything! But what we really want is for you not to do something that will make it harder to close on your new dream home. Your best bet, if you have any doubts on the do’s and don’ts, is to ask your Realtor ® about it. After all we’re here to help make the dream come true!

Kelly Pangburn Headshot
Phone: 231-519-1872
Dated: December 7th 2018
Views: 269
About Kelly: ...

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