Thinking about wanting to buy your first home?
Check out what you should and should not do when buying your first home!
1. DO: Get pre-approved for a mortgage
This is a big factor when it comes to wanting to own a home. Once you get pre-approved for a mortgage is when you know that you are ready to start the home buying process.
2. DON’T: Change jobs
When it comes to buying a home, changing your income level or employment can alter the qualification status for that mortgage loan.
3. DO: Save money
Your financial status will be checked frequently during the home loan process.
4. DON’T: Go on vacation
If you absolutely have to leave the country or go on a vacation during the loan process, then you will have to let your buyer’s agent, as well as, your lender know as soon as possible. Going on vacation could potentially delay the loan qualification or closing.
5. DO: Gather together all your documents
Make sure to gather together all of your bank statements, pay stubs, and any other financial documents.
6. DON’T: Overuse credit cards
Not only will your financial status be checked during the process, but your credit score will also be checked again right before closing. Try to maintain a good credit score throughout the home buying and loan process until completion. A tip to maintain your credit score is by keeping your credit card balances at or below the 40 percent of credit limits.
7. DO: Look more into first time home buyers loans
These first time home buyers loans will be able to get you into a program that will help to balance the home-buying costs.
8. DON’T: Make a big purchase
Something else that you need to take into consideration when buying a home is not making a big purchase. For instance, if you purchase large items like a new car, appliances, or furniture could make a negative impact on the loan qualification status.
9. DO: Keep your address the same
Another task that you need to take into consideration is to continue paying the rent or mortgage payments on time. However, if you are considering moving before your loan process is complete, then you will need to make sure your qualification will not be affected.
10. DON’T: Make a downpayment too small
It’s important that you don’t make a downpayment too small. However, you still shouldn’t empty your savings on a downpayment too large either.
If you have been considering buying a home and are able to make all the “do’s” on this list, then call us today!
We would love to help you get started at 321-567-1202 🏡
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