You are purchasing a home. You have applied for a loan. You are excited and making all kinds of plans for your new home. You have been dreaming about this day and you want everything to be just perfect.
Your dream home in in reach and there are things to keep in mind that will keep you on the path for your goal of owning that new home.
As much as you want to start building your life around your home here is a list of things you should never do before you close on your new home because any one of these things can squelch the entire process.
- Do not buy a big-ticket item: a car, a boat or new furniture.
- Do not take that offer from a store to open a line of credit, you know they all ask at the check- out counter.
- Do not pay your bills late.
- Definitely do not ignore questions from your lender of your broker.
- Re-visit #2 and do not let anyone run a credit check on you.
- Do not make any large deposits to your bank accounts outside of your paycheck without checking with us first.
- Do not cosign a loan with anyone.
- Don’t pay off collection accounts.
- Don’t close out credit card accounts, transfer balances or max them out either.
- If you are making a career change during the application process let us know, there are ways to avoid sending up a red flag and we can help you with this.
Your credit is monitored up to the day of closing, you want it to be perfectly good and clean because that home is so important to you.
On the “what you should do to keep everything running smoothly list” is:
- You should join a credit watch program where you can watch your own credit without being “dinged” for looking. You will know right away if something needs your attention.
- As above you should keep paying those bills on time.
- You should definitely let me know if you receive anything in the mail or by phone from a creditor or collection agency. We may be able to help.
At the end of the day I want to see you have a successful loan approval and receive the keys to your new home. Questions? Call me 813-361-6350.