Do’s & Don’ts When Buying a Home
When you are preparing to buy a home, there’s a lot to keep in mind throughout the process. We have compiled a list of “Do’s & Don’ts” that will come in handy! Be sure to save these tips and reference them as you buy your dream home.
- Save your money! Your financials will be checked multiple times during the process.
- Promptly provide all documents (all pages) requested by your Mortgage Loan Originator and Processor to speed up your closing. Don’t mark out anything.
- Respond to any requests for information from your Mortgage Loan Originator as soon as possible.
- Continue to make all payments on time and in full.
- Contact your insurance agent early in the process and inform them of your new home purchase.
- Be prepared to explain/account for all non-payroll deposits into your bank accounts.
- Don’t apply for new credit of any kind or co-sign on another person’s loan.
- Don’t make large deposits into your bank account. Your down payment should be seasoned (sitting in your account for at least two months).
- Don’t charge a lot on your credit cards – your credit will be checked again right before closing.
- Don’t buy a new car.
- Don’t spend your down payment.
- Don’t buy furniture yet (don’t make big purchases while in the loan process).
- Don’t quit your job or change jobs that could affect your employment or income.
As always, HOMESTAR is here to help! Please contact a local Mortgage Loan Originator with questions you have about buying a home.