10 Do Not's of Home Buying
1. DO NOT change jobs,
become self-employed or quit your job.
2. DO NOT buy a car,
truck or other vehicle on credit.
3. DO NOT use credit
cards excessively or let your accounts fall behind.
4. DO NOT spend money
you have set aside for closing.
5. DO NOT omit debts
or liabilities from your loan application.
6. DO NOT buy
furniture or anything else on credit.
7. DO NOT originate any
inquiries into your credit.
8. DO NOT make large
deposits without first checking with your loan officer.
9. DO NOT change bank
accounts.
10.DO NOT co-sign a
loan for anyone.
If the bank has
pre-approved you or approved your mortgage remember that your credit must not
change or be affected in any way until you get possession of your new home.
Lenders will not only look into your credit when you first get pre-approved and
when your mortgage is approved, they will check it again before releasing
mortgage funds so DO NOT do anything that will affect your credit score before
you take possession.
Buyer’s have had their
mortgage turned down days before they were supposed to move into their new home
because they went out and bought a new truck or new furniture on credit. This
happens even after your mortgage has initially been approved because the bank
will rechecked your credit before they release funds. If you want to buy new
furniture for your home or change jobs, just be patient. There will always be
time to do it after the closing.
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