Do’s and Don’ts
There are a few key Do’s and Don’ts for buying a home and getting a mortgage. These are so important, I review them with all of my clients early on.
Submit necessary documents ASAP.
The sooner you submit your pay stubs, tax returns, bank statements and more, the sooner we can get the loan approval.
Get pre-approved.
Getting pre-approved makes you the most prepared you can be, allowing you to increase your buying power and negotiating position.
Review your credit report.
Walk through your credit report with your mortgage broker and check for any discrepancies. By clearing up odd charges or old debts now, you’ll save time processing your loan.
FIND AN EXPERIENCED real estate agent.
Working with a reputable real estate agent can help you navigate any complications and save you from making costly mistakes.
Think about your current home.
List the top five things you like and dislike about your current living conditions, and keep that list in mind when house shopping.
Make arrangements for your homeowner’s insurance.
Delaying this important step can cause your transaction to be pushed back.
Don’t visit without your agent.
Going to a property or open house without your agent may waive your right to be represented by your agent.
Don’t quit your job.
Don’t make any changes to your employment without first checking with your mortgage broker. Changes to your income can impact your ability to qualify for a home.
Don’t buy big ticket items.
Don’t make major purchases of any kind or anything that will create debt, such as cars, furniture, electronics, computers, vacations, jewelry, or appliances.
DON’T MOVE DEBTS AROUND.
Don’t modify your debt structure without first contacting your mortgage broker. Even small transfers or consolidations can have an impact on your credit score.