HOME BUYING 101

Don'T Ruin YOUR LOAN

Not only do you qualify to buy a home, but you have found the perfect house and your offer was accepted!  Congrats!  However, you still need to be cautious.  The home buying process is not complete until you have keys in hand.  While you've been pre-qualified for the home loan already, there are ways you can ruin your qualification status up to the very last minute.  It happens too frequently to first time home buyers.  So, play it safe and do NOT do any of the following without checking with your lender first.

Do NOT quit your job or make major schedule/hour changes.

Do NOT make any large purchases, especially on a credit card.This includes appliances, furniture, etc.  Talk to your lender before spending money.

Do NOT close any accounts, pay off collections, or consolidate debt.

Do NOT open any accounts or rewards cards.

Do NOT lie to your lender.  While you may not disclose something upfront, the people who approve your loan always find out during the underwriting process.

Concerning the actual moving process and timeline, speak with your Realtor for appropriate dates and plans.

 

Do NOT make any changes until after the home inspection process.  Don’t give any deposits, don’t give notice to landlords, don't rent storage units, etc.

Do NOT schedule any home improvements, moving trucks, deliveries, etc until AFTER the date you are set to close.  Just because you’ve signed the paperwork does not mean you own, or even have access to, the house.  Additionally, closings sometimes need to be extended out a few days so don't jump the gun.

Do NOT forget to set up utilities in your name for the date you anticipate closing.  Set these up in advance though because some companies require deposits and/or signatures.