September 8, 2020
Do you know the dos and don’ts of buying a house? It’s okay if you don’t. The housing market has absolutely changed through the generations and honestly, the thought alone can be overwhelming. When you’re buying a house, there’s a few rules that you might not think of until it’s too late. That’s why we’re here to help! We made a list of DON’TS for you to keep while buying, or looking to buy, your future home.
What NOT to do When Buying a Home!
- Miss Any Payments, Whatsoever.
- Just because your credit score was already pulled upfront with a preapproval, doesn’t mean that’s the final straw. It is not smooth sailing from here and you need to protect your credit score! At least until that final dotted line is signed.
- Make Large Deposits
- Don’t deposit large amounts of money at one time. It’s a red flag. This implies that your finances aren’t steady, even if they are! Consistent money in ones account ensures financial stability to the bank.
- Change Banks or Jobs
- Any changes in banks or employment can result in a significant delay in the home-buying process. This delay is to collect the most up to date documents. We get it, life happens. But if you can avoid this, do it.
- Buy a Car/ Make a Large Purchase
- So you want to take out a loan for a mortgage AND a loan for a car at the same time? Realistically, you really don’t want any large purchases on credit. If you can do it, great. But overall it’s a safe move to avoid.
Keep these simple rules in mind and you could be in your dream home in no time! Good luck!