Smart Moves for
Home Buyers
Your financial decisions during the home buying process can make or break your loan approval. Here's what you need to know.
Remember: Once you're under contract, your financial situation is being monitored. Any changes can jeopardize your loan approval.
Do These Things
Get Pre-Approved First
Know your budget before you fall in love with a home you can't afford. Pre-approval also makes your offer stronger.
Keep Your Job Stable
Lenders want to see stable employment. Avoid changing jobs during the home buying process if possible.
Save More Than You Think
Beyond the down payment, you'll need funds for closing costs, inspections, moving, and unexpected repairs.
Be Responsive
The home buying process moves quickly. Respond promptly to requests from your lender, agent, and title company.
Get a Home Inspection
Always invest in a professional inspection. It can reveal issues that could cost thousands to repair.
Research the Neighborhood
Drive through at different times. Check school ratings, crime statistics, and future development plans.
Keep Documentation Organized
You'll need pay stubs, tax returns, bank statements, and more. Keep everything accessible and up to date.
Ask Questions
No question is too basic. Your agent and lender are here to help you understand every step.
Don't Do These Things
Make Large Purchases
Avoid buying a car, furniture, or appliances on credit. Large purchases can affect your debt-to-income ratio and derail your loan.
Change Banks or Move Money
Lenders need to track your finances. Moving money between accounts creates a paper trail headache.
Open New Credit Accounts
New credit cards or loans can lower your credit score and raise red flags with your lender.
Close Credit Accounts
Closing accounts can actually hurt your credit score by changing your credit utilization ratio.
Skip the Home Inspection
Even in a competitive market, don't waive inspections. The risks far outweigh any perceived advantage.
Make Emotional Decisions
It's easy to get attached, but stay objective. Don't overpay or skip due diligence because you 'love' a house.
Hide Financial Problems
Be upfront with your lender about any financial issues. They'll find out eventually, and surprises can kill deals.
Go Over Budget
Just because you're approved for a certain amount doesn't mean you should spend it. Leave room for life's expenses.
Questions About the Process?
I'm here to guide you through every step and help you avoid common pitfalls that can delay or derail your home purchase.
Let's TalkReady to Make Your Move?
Whether you're buying your first home, selling a family property, or looking to invest, I'm here to help you every step of the way.
Questions? Get in touch or call 512-897-2390