What NOT To Do While Buying A Home

What NOT To Do While Buying A Home

Purchasing a home for the first time is a major milestone and when it comes to financing there is a lot that goes into getting you qualified for a loan and into the perfect fit for you and your family. First, never underestimate the importance of your credit history. Your credit score will affect your ability to qualify for a loan and can make all of the difference when it comes to the kind of home you can afford. Keep in mind that this the loan process takes about 30 days to complete and, during this time your credit score will be checked before you are approved and before you close on your home. With that said now is not a good time to get a car loan, buy furniture, do any big spending on your credit card, or to be late on any card or loan payments. Lenders want to be sure that your income is stable so it’s not a risk to lend you the money you need for your home, so do your best not to quit or switch jobs while your in the process of getting your loan approved too. Finally, and most importantly, never purchase a home the exceeds your means. Trying to “make it work” will not only put a strain on you financially but will take away from your ability to enjoy your first home.

 

 

 

 

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