Ten Commandments of Buying a Home

Commandments of Buying a Home (1)

 

There are some obvious checklist items that need to be taken care of when buying a home (i.e. getting loan pre-qualification and approval), however there are a few possibly less-obvious things that many new home buyers may not consider.

  • Don’t change or quit your current job while you are in the process of getting a loan or finalizing paper work.
  • Put off other large purchases (i.e. a new car) until after all is said, done, and signed with your new home.
  • Keep credit lines current and don’t miss payments on already existing credit cards or loans.
  • Maintain your savings account.
  • Identify all debt or lines of credit on your loan application.
  • Avoid having other inquiries on your credit before your loan has been approved and you have keys to your new home.
  • Don’t make any large, seemingly random cash deposits into your bank account.
  • Avoid co-signing loans for anyone else, as this will definitely affect your credit “worthiness” in the eyes of loan officers.