Five Things to Avoid When Purchasing a Home

Five Things to Avoid When Purchasing a Home

Hey, congratulations. You have an accepted offer on your new home, and that is no small feat in today's market. But let's keep in mind that that wasn't the main goal when you started this process. Our number one goal here is to get you moved in and closed on this new home.

There are a number of things that can come up between an accepted offer and closing. Today, we're going to look at five things you should avoid doing if you want to make sure you successfully close on your new house.

First of all, with each of these five items, keep in mind that you should always check with your mortgage lender first before making any of these decisions. You may find that you're okay and you're able to get away with some of these, but you don't want to end up with any surprises.

1. Do not change jobs, quit your job or become self-employed. There's going to be a verification of employment prior to closing, and you don't want to sabotage the deal at the last second.

2. Do not buy a car, van, truck or boat. You might end up living in it.

3. Don't abuse your credit cards, rack up additional debt, let your accounts fall behind or spend money that you have set aside for closing. Take care of your finances.

4. Do not co-sign on a loan for anybody else. This could affect your debt-to-income ratio and your credit score.

5. Don't make any large withdrawals or deposits into your bank account. This could include gift money for the purchase of your home.

Again, if any of these scenarios pop up, check with your lender before pulling the trigger. It's better to be safe than sorry in this situation.

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To get started on your home-buying journey, get in touch with my team at theminterteam.com\contact; we would love to serve you along the way.