Things To Never Do When Buying A Home

Dated: 09/04/2014

Views: 915

Purchasing a home can be a rewarding experience; however, sometimes the process can be overwhelming. There are several steps involved with the process - home search, making an offer, paperwork, inspections, etc. that need to be done. This is one of many reasons that having a Realtor working for you is so beneficial. As a buyer's agent, we work very closely with your lender, closing attorney, appraiser and inspectors, just to name a few. I never want to give advice on financing or legal issues because you should refer to the professionals that specialize in those areas. However, there are a few things I know that you should avoid. Once you get pre-approved, find a home, make an offer, get through inspections and schedule the closing, the last thing you want is to find out the day before closing that you have done something that can mess up what everyone has worked for. The following are things you never want to do prior to closing. First, you do not want to make any large purchases. You are approved based on the DTI, debt to income ratio, so buying a large item that changes your DTI could make you ineligible for the mortgage. Second, do not open any new accounts like credit cards or installment loans. This will also effect your DTI and can bring down your credit score. Typically they will re-pull your credit in the days prior to closing. Third, do not quit or change jobs. Your file goes through several hands that you as the buyer will never see. Again, prior to closing they will call and get a VOE, verification of employment,  to make sure that you are with the same company. The lender does this to make sure that you haven't had any changes. I have had buyers think that because they switched to a better paying job that it shouldn't matter. When getting a mortgage, the lender will verify your pay and work history. If that changes, they will want to re-verify everything on the new job. This will keep you from closing on time and, depending on what type of financing you are getting, can cause a month or more delay. Please heed the warnings from your Realtor and lender as well as keep us in the loop. We are on your side and want to see you get the home that you have worked so hard to get. We are here to help you and see you through to the closing when you get the keys to your new home in hand.
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Carolann Newton

I was a domestic paralegal for 8 years prior to Real Estate. Since I have been in Real Estate I have grown to love this business, even though it does have it's challenges; it is very exciting. There i....

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