Congratulations! You’ve been pre-approved and now the home of your dreams is under contract. Everything’s going swimmingly and you are probably just dying to move in and get going on your future in a brand new house. However, you have to remember that the house isn’t quite yours yet and you don’t want to accidentally do something that will delay your move in. Here are ten things you should avoid doing in order to actually get into your home in a timely fashion.
- Don’t apply for a new credit card. When you apply for a new card, it affects your debt-to-income ratio and your credit scores which will mess with all the numbers your Loan Originator calculated for you.
- Don’t buy a new car. This will also mess with your debt-to-income ratio and you’ll be stuck at a home buying red light for longer than you’d like.
- Don’t buy furniture before you own the house. It’s best to wait until you own the house and have a better idea of your budget before going on a furniture shopping spree.
- Don’t change jobs. It may present better pay and a better opportunity, but it could also delay the home buying process.
- Don’t close any credit accounts. It sounds like a good idea to clean up your finances by canceling unused credit cards and transferring balances to other ones to get a lower rate, but don’t do it, not yet anyway, as it’ll drop your credit score.
- Don’t get behind on payments. It’s so important that you stay on top of all of your payments to continue to prove that you’re creditworthy.
- Don’t move any money without a paper trail. Your lender is going to need documentation of all of your transactions in order to make sure you really have enough money for this house.
- Don’t spend your savings. You will need cash for your down payment, closing costs, and other various fees, so it’s a good idea to hold on to your savings until after you own the house, even if you don’t think you need it all.
- Don’t switch banks. Once your funds have been verified, leave them where they are.
- Don’t change your marital status. It affects your title. Avoid it if you can but if not, make sure you make your lender and title company aware of any changes so the documents can be correctly prepared.
I know, it’s all so much to keep track of, and your brain’s too excited to keep it all straight. If you have any questions or you’re ever unsure, talk to your Loan Originator. They are here to help make your dream of homeownership a reality.