Here is one method of how not to close on your new home...or Uh oh, it's too late now.
Many deals are out there right now in the Wilson real estate market! And there are lenders that are ready and able to make you the loan if you qualify to buy one. But there is one, very important thing you need to keep in mind about financing your home purchase in order to make sure your closing actually happens!
Hopefully, before you decided to even go look at homes, you got a loan prequalification from your preferred lender. That is always a good idea because it helps to give you a price range of how much buying power your income and credit scores will allow. You can then decide what payment range you are comfortable with. Then you can seek out that perfect place to call home! Bingo! You finally found it! Next, you go back to your lender after negotiating a successful contract on your new home and the loan process begins! You're excited and maybe a little nervous, especially if you are a first time home buyer but at any rate, you are sitting on pins and needles waiting to hear if everything will fall into place in order for your loan to go through.
The lender will pull all the necessary verifications of income, assets, liabilities, credit, etc. as well as order an appraisal. In the meantime, your duty is to check out the "bones" and overall condition of the home including negotiating any repairs, etc. But there is also another thing that you need to do....don't open that wallet!
Yes, there are a few "goodies" you want to get to "feather your nest"...but WAIT! Don't use that credit card! And hang onto your cash! Don't buy anything on credit! Your credit is often checked again before closing and we have seen several buyers over the years pull up in a new car or buy a house full of furniture 2 days before closing! And they held their breath after we told them what can happen. Doing this can jeopardize your ability to close because you are going into more debt! More debt than you initially had when you were prequalified or made an official application for your loan. And sometimes just a few thousand dollars or even a few hundred can make the difference between a loan approval or denial.
Careful management of your funds can help give you a successful home buying experience as well as a great investment in your financial future. I can help you navigate the waters of home selling and buying with over 12 years as a full-time Realtor. I am also a Graduate of the REALTOR Institute (GRI) and a Certified Residential Specialist (CRS). Please let my experience and knowledge help you with your next real estate venture. I have lived here in the Wilson area since 1979 and know the Wilson market. I also work with my wife, Lou Anne, as a team in order to serve you better. Trust the Taber Team - Wilson's Home Team!
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