No Comments

Traps…

Here’s a quick overview of the TRAPS to avoid when on your homeownership journey.

You do not want to make this ‘TOP TEN’ list.

We want to help you avoid some of these ‘traps’ that we’ve seen others make when in the process of buying a home.  It’s easy to get caught up in the ‘property’ part of the process without realizing that the ‘financing’ has such a significant role.

Here are 10 things you want to avoid until after you’ve signed on the dotted line and the keys to that home are yours.

  1. Don’t change jobs… don’t quit your job, don’t take a new job, and definitely don’t become your own boss!

  2. Don’t co-sign on a loan for anyone, not your family, not your friends, no one!

  3. Don’t have your credit report run.  Your mortgage company will run your credit for your loan – this is not the time to test all those clever ‘credit report’ sites advertised on TV.

  4. Don’t change who you bank with – keep the status quo on all your accounts.

  5. Don’t make large deposits – as counter intuitive as it seems – large deposits can throw up ‘red flags’ when reviewed by financial institutions –  just stuff your mattress.

  6. Don’t buy furniture on credit.  Buy it after you close on your home or else that new couch may be the only thing new you get!

  7. Don’t hide.  That loan application you complete should list everything… you don’t want to get denied along the way because you ‘did not recall’ that you had some other financial obligations.

  8. Don’t spend that big hunk of dough that you have set aside for your home purchase!

  9. Don’t go on a spending spree!  Racking up lots on new balances on your credit accounts or even worse missing payments can put a serious wrench in your homeownership plans.

  10. If its got an engine – just say NO.  Don’t got out an finance a new car, motorcycle, boat, whatever.  You can get those new wheels after closing.

Hope these TIPS on what NOT to do when buying a home were helpful.  This is the advantage of working with a professional – someone who can show you the way and where to avoid the common TRAPS.  Give us a call we’d love to work with you.

Comments (0)