Things To Avoid Before Buying A Home

• Don’t miss any payments – You must keep your payments current on all your loan accounts, including credit cards, personal loans, lines of credit, and utility bills.
• Be careful before you consolidate your debt – Consolidation may not always improve your credit in the way you expect.
• Don’t quit or change jobs – Lenders look closely at employment history. They need to see that you are financially stable and that you are capable of making your mortgage payments. Also, dropping from full time to part time status is not a good idea. Even after you have been approved, a change in job status can cause the lender not to advance.
• Don’t acquire any new debt – Taking on new debt and adding extra loan payments may make you unable to get the mortgage for your home.
• Don’t transfer your money between accounts – Do not transfer large funds of money between accounts. Be ready to document any movement of funds. Make sure you have your down payment in place well before closing.
• Don’t start banking at a new financial institution – Just like your job and finances, your banking history is an important aspect of your application.
• Avoid making large deposits into your bank account 3 months prior to purchase – A 3 month history of your bank account will be required and any large deposits will have to be verified and documented.
• Avoid lying or omitting important details on your application – Lying on a loan application is fraud.
• Avoid multiple credit pulls – Anytime you apply for a credit card, loan, or sign up for a new service, like a cellphone, your credit will get checked. This will lower your credit score.
• Don’t spend the money you’ve saved for the down payment/lawyer fee – The last thing you want is to be unable to cover closing costs when you are at the point where you almost have your new home.
• Avoid co-signing – When you co-sign a loan, you are obligating yourself financially.
• Don’t change the Offer to Purchase contract – Once your mortgage is approved changes to your Offer to Purchase could result in losing your deal, or at the very least, delaying possession.
• Don’t deal with unaccredited mortgage professionals – Unsolicited mortgage advice from a non-licensed person doesn’t always make a lot of sense and might lead you to some big mistakes.

For a free, no obligation consultation to discuss your mortgage options please contact Lisa by phone @ 204-371-9284 or email @ lisag@onelinkmortgage.com.