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Staying on Course During Your Home Buying Process

Thursday, September 19, 2019   /   by Burnice Villanueva

Staying on Course During Your Home Buying Process

Here are six tips to stay on course during the home buying process.

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So you’ve been pre-approved for a loan, you’ve found the home you’ve been searching for, and now you’re under contract—congratulations! However, the process is far from over. Here are some key tips on how to stay on course during the home buying process:

1. Don’t quit your job. If you’ve been forced to leave your job, immediately bring it to our attention. We’ll help you formulate a solution and a gameplan. During this process, stability is key, and having consistent, reliable employment is among the most important qualifying factors in the eyes of lenders.

2. Don’t buy or lease a vehicle. Every mortgage company performs what is called a ‘soft pull’ before closing, which is a basic inquiry into your financial debts and obligations. The escrow period is not the time to take on a new car payment. If you have a lease that happens to expire while you’re under contract, let us know right away and we can help you find a solution.

3. Don’t increase the balances on your credit cards. Since you’ll be in a new home soon, now is the time to purchase some great new items for it, right? Actually, no—don’t do anything that could affect your loan-to-value ratio or damage your credit score. Before swiping your card, speak with us first.
 

Any purchases that could affect your

debt-to-income ratio should be avoided at all costs.


 
4. Don’t use the money you set aside for your down payment and closing costs. As obvious as this sounds, make sure you aren’t dipping into those funds for any reason whatsoever.

5. Don’t omit any liabilities. Debt such as a private mortgage, child support, or alimony that might now show up on your credit report must be disclosed to us in advance. We don’t want to have to address any last-minute issues that may come to light.

6. Don’t buy furniture or appliances. As discussed in tip No. 3, any purchases that could affect your debt-to-income ratio should be avoided at all costs. Wait to buy big-ticket items like these until after you close on your home.

If you have any additional questions about today’s list, please reach out to us. It would be our pleasure to serve!

  home buying

Xperience Real Estate Team | Keller Williams Realty
Heather Skow
1101 W River St. Ste. 370
Boise, ID 83702
208-631-0031

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