It is our job to find you the perfect home that meets your family's needs. Our team's Buyer Specialists work tirelessly to that end. But before our team can effectively help you, here are ten Do's and Don'ts to follow:
Do Speak to a Lender to obtain a Pre-Approval. This is so important! Unless you know how much you can afford to spend, it's not a good idea to start looking at homes. The last thing you want to do is fall in love with a home only to find out that it's not in your price range. It only takes a few minutes to get a Pre-Approval and is well worth the effort. If you do not have a lender, your Buyer Specialist will be happy to provide a list of people we have found to be very helpful.
Do Make a List of Your Needs. Write down the three most important things you need in a home. We all have a lot of wants, but needs are non-negotiable. Things like school district, amount of bedrooms and baths or whether or not to have a pool are examples of "must haves" for some Buyers. Having this information can save a lot of time for you and your Buyer Specialist so that you are only looking at homes you would ultimately be interested in purchasing.
Don't Incur Any Additional Debt. Once you have been pre-approved, DO NOT incur any additional debt. This is especially crucial once you are under contract. Additional debt can make an undesirable change in your debt-to-income ratio. Buyers get excited about moving into a new home and are tempted to start shopping for furniture and other items. Do not give in to that temptation! Lenders may do a "soft pull" of your credit report just prior to closing. Any new debt that shows up on your credit report can cause a forfeiture of your loan.
Don't Let Any Other Entity Pull Your Credit Report. During the loan process, it is very important that you do not allow anyone other than your lender or loan officer to pull your credit report. What the industry considers "hard" pulls can affect your credit score.
Don't Quit or Change Jobs. Lenders require stable employment for loan approvals. Do not change jobs, quit your current job or become self-employed.
Don't Change Bank Accounts.It is important that you do not open or close any bank accounts and that you do not withdraw large amounts of money or deposit large amounts of money during the loan process without checking with your loan officer.
Don't Co-Sign on Any Loans. If you co-sign on a loan for a friend or family member, it will show up as a debt on your credit report. Never a good idea.
Don't Use Your Current Credit Cards Excessively. During the loan process, restrict the use of your current credit cards. Also make sure not to let any of your credit card payments or any other debts you owe fall behind.
Do Fill Out All Loan Applications Completely. Make sure to complete all the paperwork your loan officer needs accurately and completely and submit in a timely manner. When applying for a mortgage, time is of the essence.
Don't Spend Money Set Aside for Closing. Don't do it!!!