The Do's And Don'ts
Written by Maria Virgen
DOS AND DON’TS WHEN PURCHASING A HOME
Buying a home is a major investment and one of the most important decisions of your life. It does not matter if you are a first time homebuyer, purchasing your 2nd home, or an investor the do’s and don’ts are the for the most part the same.
Some of the most important DO’s are:
- DO talk to a mortgage loan officer- if you don’t feel like you are 100% ready to purchase a home our loan officers at Blue Adobe Mortgage are always available to answer questions, go over your options and if it not the right time make sure you have a plan for the future
- DO talk to a real estate agent- If you are not already working with a real estate agent ask us at Blue Adobe Mortgage for a referral. Your real estate agent will be able answer questions regarding available homes in your area, show you properties and do everything they can to get you into the home of your dreams.
- After being pre-approved for your loan with one of our loan officers at Blue Adobe Mortgage DO feel comfortable calling them with questions. We all know the home buying process can be stressful and confusing and we are here to help make the process as easy as possible.
- DO trust your team. We work closely with the real estate agents in our community to make sure you have a team that is ready to make sure you have a smooth home purchasing transaction.
- DO call your loan officer prior to making any changes to your savings, employment or credit.
There are also things that you should not do:
- DON’T start looking at homes prior to being pre-approved. You want to make sure you are looking at homes that are within your budget. Talk to a loan officer prior to looking at homes.
- Once you are pre-approved DON’T make any changes to your credit. Continue to make your regularly scheduled monthly payments but do not add debt. Also, remember that if you are co-signing for a credit card, car or even another home purchase that debt is still your responsibility even if you are the 2nd signature. That debt may be counted as a liability for you.
- DON’T spend the money you have saved for your cash to close or change bank accounts. Tracking the source of the funds that will be used for your purchase is a significant portion of your pre-approval. If the funds are moved or large deposits made we will need to be able to track those funds
- DON’T quit your job. If you are going to make a change in your employment speak to your loan officer so you know how it may affect your pre-approval status.
- DON’T fall behind on your liabilities. Even 1 late payment can significantly change your credit score and change your pre-approval status.
At the end of the day the most important DO is:
DO have a trusted loan officer that has pre-approved you and you feel comfortable asking questions about your loan.
DON’T make changes to your employment, credit or source of down payment.