The home buying process can seem daunting so here are a few things that you should avoid doing to make the process as easy as possible!
Do Not Make Any Big Purchases
Do not buy a new car or new furniture or any big purchase that is going to max out your credit cards. Big purchases like these you should wait to do until after you close on your new home because your debt to income ratio will change and you might get denied for a loan.
Don’t Assume You Need 25% Down
Putting 25% down for a house is a very old way of thinking. Nowadays it can be as little as 3.5% down and most common is 5% down. It depends on what you qualify for but you do not necessarily need to put 25% down.
Do Not Quit Your Job
This one is pretty self explanatory, but do not quit your job when you are in the home buying process. Throughout the process your lender will be asking for different documents and verifications that you are working and producing X amount of salary. Quitting your job will start the process over and, depending on certain things, you can get denied.
Do Not Look at Houses Without a Pre-Approval
This is very important! Looking at houses before knowing what you can actually afford will lead to disappointment. You do not want to fall in love with a house that you will not get approved for. Get your pre-approval first so that you can set realistic expectations of your budget.
Do Not Lie on Your Loan Application
Again, pretty self explanatory but needs to be said. Do not lie on your loan application. They will find out and it will just lead to headaches.
Avoid doing all of these things for a smooth sailing house buying process. If you’re thinking of buying a home schedule a call with us!
