Of all the mistakes buyers can make during their home buying journey, throwing a wrench into the works of their mortgage qualification is a the top of the list. Qualifying for a mortgage often requires some very specific criteria. Any time you make changes to your financial situation, your ability to qualify can change. That’s why it’s crucial to be careful regarding your finances throughout entire processes of buying a home. This is true from the time you receive your loan approval until your home purchase is complete. Afterwards, feel free to buy that new living room set using 12-month, same-as-cash.
Here are 10 things home buyers should never do during the home purchase process:
- Change jobs, quit, or become self-employed
- Make large purchases on credit, such as a vehicle, furniture, etc
- Run up your credit card debt
- Pay late or skip a payment on credit
- Spend money you’ve set aside for your home purchase
- Apply for new loans, credit cards, or lines of credit
- Close any credit accounts
- Change bank accounts
- Make large deposits without first checking with your loan officer
- Co-sign for anything
Even though most of these items may not seem like a big deal, they can really throw some unexpected hiccups into your home buying plans; or even derail them completely! Whenever you’re unsure, always check with your loan officer first. Best of luck with your home purchase!
For more useful information about buying a house, check out:
First-Time Home Buyer 101: The Basics for a comprehensive guide to buying your first home.
Real Estate Slip-Ups for Overland Park Home Buyers for more things to avoid during your home shopping journey.
Real Estate Negotiation: Be Careful What You Say for common negotiating mistakes home buyers and sellers make.
Questions? Feel free to reach me below.
WHAT’S MY HOME WORTH?
Justin Rollheiser – Real Estate Agent
REALTOR®
Keller Williams Realty Diamond Partners, Inc.
13671 S Mur-Len St, Olathe, KS 66062
Cell 913-800-7653
Office 913-322-7500
www.JustinRollheiser.com
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