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Six Things You Should Avoid Before/While Buying a Home
Just because you're buying a home doesn't mean your life has to be put on hold...or does it? You never know what affect today's actions will have on your mortgage application in three or even six months. Even something as simple as transferring money from your savings to your checking account can create a hassle in the mortgage process. So here are some suggestions of things you should avoid before buying a home:
1) Purchasing a Car or Truck
For whatever reason, many people are inclined to purchase a car and buy a home at the same time. Overall there's nothing wrong with that. However, purchasing the car before buying a home will effect what the mortgage lender determines you can afford as it can greatly raise your debt-to-income ratio. Lease payments that seem quite reasonable can put a major dent in your take home pay, before you sign on the dotted line get some advise on the real cost.
2) Moving Money Between Accounts
When a lender is determining your eligibility for a loan, they will request statements from all of your accounts that contain liquid assets. When you move money around between these amounts, especially if they are large amounts, ... more

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