Just because you've been pre-approved and the hard work is behind you, does not mean you can get lazy when it comes to expenses. A delay in your journey to homeownership is the last thing you want! Buying a house can be super exciting, but you don’t want to get caught up in the adventure. It is very rare everything goes perfectly in the home buying process, but there are some things you should avoid in order to stay on route to owning a home.
Below are some pre-homeownership “no-no’s!”
Applying for a new credit card – Applying for a new credit card can look bad on your credit rating. Make sure you wait on doing this; it could potentially hurt you in the long run if you do it now.
Buying a new car – It’s not a good idea to add another big expense on to your bill. Unless you plan on living in your car instead of the new home right at your fingertips!
Furnishing the home you don’t have yet – Yes, buying new décor and appliances is an added bonus to buying a house, but you should wait to buy these things until after you close on your home.
Changing jobs – There are many benefits to getting a new job, such as better pay or a chance for promotion, but it could ultimately delay the thing you want the most, a new home.
Closing any credit accounts – It makes sense to cancel unused credit cards and transfer your money to another account, but this is another thing that could hurt your credit rating.
Getting behind on payments – Never is it okay to just let your payments add up. Make sure you are paying your bills and making any payments on time.
Move money around – Your lender needs documentation for any and all of your transactions. This way they know you actually have enough money to purchase your home.
Spending your savings – Remember, you still have to make your down payment and could potentially pay closing costs, so don’t spend all of your hard earned cash.
If you don’t do any of these things, your end goal of homeownership will come at ease. If you have any question, please do not hesitate to contact the Housing Buzz team today!