10 Things NOT to do when Financing a Home
Thinking about buying a home?
Buying a home can be a stressful process but with these ten tips it can make your buying transaction so much simpler. Of course with anything it is best to have a profesional guide you through the process but these tips can give you a good head start to a seamless buying process!
1. DO not look for a home without being pre-qualified
2. DO not suddenly pay off debts and collections or close accounts
3. DO not apply for new credit cards
4. DO not change jobs or change your pay structure at your current job
5. DO not consolidate bills
6. DO not make non-payroll deposits into your bank account without keeping copies of checks
7. DO not pack away documents needed during the loan process. These include W-2 forms, tax returns, bank statements, pay stubs, etc.
8. DO not open a new bank account
9. DO not shop for, lease or purchase a vehicle
10. DO not incur more debt by making large purchases such as new appliances or furniture
By following the advice of your home loan professional, you will be on your way to obtaining competitive terms and interest rates as well as a smooth, on-time closing. If you must take one of these actions, it is wise to discuss it with your Loan Officer first.
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