8 tips on what “NOT TO DO” before buying a house!!!

PROPERTY SHOP REAL ESTATE BLOG!!!

Getting ready to purchase your new home, here are a few tips on what “Not to do” before buying a house. Buying a home requires a lot of preparation which is why you should meet with an experienced Realtor to get you started. Let me know if would like to get started. We can discuss the homebuying process on a one-on-one First Time Homebuyer – Prep Meeting . Let’s get you started!!! #ThePropertyShop #WereHereToHelp

1. Don’t apply for a new Credit Card – A new card could boost your score by adding to your overall credit limit, which helps lower your credit utilization. But it also can hurt, by lowering your overall age of accounts.
2. Don’t buy a new car or co-sign for one – Buying a car reduces the amount of income you have that does is not tied up in debt obligations. If you co-sign a car you are…

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8 tips on what “NOT TO DO” before buying a house!!!

Getting ready to purchase your new home, here are a few tips on what “Not to do” before buying a house. Buying a home requires a lot of preparation which is why you should meet with an experienced Realtor to get you started. Let me know if would like to get started. We can discuss the homebuying process on a one-on-one First Time Homebuyer – Prep Meeting . Let’s get you started!!! #ThePropertyShop #WereHereToHelp

1. Don’t apply for a new Credit Card – A new card could boost your score by adding to your overall credit limit, which helps lower your credit utilization. But it also can hurt, by lowering your overall age of accounts.
2. Don’t buy a new car or co-sign for one – Buying a car reduces the amount of income you have that does is not tied up in debt obligations. If you co-sign a car you are also responsible for the entire debt in full if co-signor defaults. This will affect your debt to income ratio.
3. Don’t go furnish the home before you own it – We all know that you already have picked out the furniture you want for your new, avoid buying until after you own your home. You many need the extra cashflow for closing costs.
4. Avoid changing jobs – you may have a temporary 3 month trial basis and the lender is going to want to make sure that you are working their permanently.
5. Don’t get behind on Payments – One missed payment can drop your score enough that you dont get preapproved. Make your payments on time.
6. Don’t move money without a paper trail – the lender is going need documentation for al your transactions to make sure you have enough money.
7. Don’t close credit accounts – It makes sense to clean up your credit by canceling unused credit cards and transferring balances to other cards to get a lower interest rate when you’re offered them. Do do it. This can affect your credit negatively.
8. Don’t spend your savings – You’re going to need cash for the down payment and possibly closing costs.