FOUR THINGS TO AVOID WHEN BUYING A HOME

Sometimes people are approved for a loan to buy a house, then at the last minute, their loan falls through. To avoid this huge disappointment, here are some things a new buyer can do. Working with a Realtor, you will know up front what to avoid to prevent it from happening to you!

1. AVOID CHANGING JOBS
   • Lender will verify length of time of the job.
   • Lender will evaluate stability of the job … it will work against you to:
   • change to a job in different field
   • have lower rate of pay
   
   
2. AVOID MAKING ANY MAJOR PURCHASES
   The reason this is so important is that when the lender does the final credit check, if there are new credit card or other debts, it becomes a much higher risk for the lender. They cannot be sure you will have funds to pay the mortgage!
   • final credit pulled just before final approval & funding of loan
   • avoid buying the new refrigerator or furniture for new house
   • avoid buying or even shopping for a new car
   • Window shop and plan and dream all you want … just don’t buy before closing
     
     
3. AVOID SWITCHING BANKS OR MOVING YOUR MONEY
   • complicate verification process
   • causes lender to question what is going on and why
     
     
4. AVOID PAYING OFF DEBTS
   • Lender will tell you if you need to pay off debts to qualify … you may need the money on hand to pay your closing costs and down payment
   • Don’t ignore the bill and don’t pay late … pay at least the minimum
   • Don’t use up Cash in bank intended for closing