The Ultimate Home Buyer's Guide

DON’T SPEND A PENNY…

Money...without consulting your team. That means us, your real estate advisors, and your mortgage loan officer.

When you are in the process of buying a home, it is important not to accrue any new debts—especially after you have been pre-approved! This can (and likely will) affect whether you will get the loan you were approved for.

Now, this does not mean you cannot go out to eat, buy groceries, get gas, or spend any other daily, weekly, and monthly expenditures you normally have.

It means…

  • Do NOT go buy a new car (or lease one)...
  • Do NOT go and book a vacation on the credit card (or drain your checking account)...
  • Do NOT even necessarily pay off a large credit card bill!

There are plenty of other examples we could give, but the bottom line is this…

Before you spend or commit to any debts between now and when you close on your new home, check with us and your mortgage advisor before doing so.

Some purchases may be absolutely necessary. Some may not even affect a thing. But it is better to be safe than sorry.

Too many buyers are not advised of this and do not think twice about spending money. Unfortunately, they find out the hard way.

 

Our Ten Commandments of Buying a Home: I. Thou shalt not change jobs, become self-employed, or quit your job. II. Thou shalt not buy a car, truck, or van. III. Thou shalt not use credit cards excessively or let current accounts fall behind. IV. Thou shalt not spend money you have set aside for closing. V. Thou shalt not omit debts or liabilities from your loan application. VI. Thou shalt not buy furniture on credit. VII. Thou shalt not originate any inquiries into your credit. VIII. Thou shalt not make large deposits without checking with your loan officer. IX. Thou shalt not change bank accounts. X. Thou shalt not co-sign a loan for anyone.

 

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