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2017-05-02 17:38:22
Buying a Home #3: Don’t Spend Extra Money

Step 3 to Buying a Home: Don’t Spend Extra Money!

This is very important so please read and take heed!

Your mortgage pre-approval was granted to you based on the amount of money you had at the time of the pre-approval in your savings accounts, checking accounts, retirement accounts, etc. and was based on the amount of debt you had at the time (car payments, student loans, your current mortgage if you already own a home, etc). If you go out and buy a TV, a new car, new furniture, etc. between now and closing it could put your chances of being approved for your mortgage in jeopardy AS THE LENDER PULLS YOUR CREDIT ONE MORE TIME THE DAY BEFORE CLOSING.

Therefore, it is imperative that you spend as little money between now and your closing date as possible. In addition, be sure to pay all of your monthly bills on time going forward, don’t open or close any credit cards, don’t take extravagant vacations, etc. Often buyers think it won’t make a difference if they buy a couch, new TV, etc. and charge it to their credit card, but it very well could put your loan in jeopardy. So please do not buy ANYTHING big until after closing. Then go wild!

If in doubt as to whether a potential purchase will affect your ability to obtain a mortgage, please speak with your mortgage lender.

Go back to Step 2 to Buying a Home: Find a Realtor, go on to Step 4 to Buying a Home: Understand the Lingo

 
Blog Archive
2017-05-31 12:07:36
6 Ways to Create an Attractive Home Office

2017-05-15 17:21:31
Yes, You Can Bank on Your Phone . . . but Should Y

2017-05-05 10:52:42
Tips to Help Prevent Crime

2017-05-02 17:48:57
How to Buy a Home In 25 Steps

2017-05-02 17:45:41
Buying a Home #1: Get Pre-Approved for a Mortgage

2017-05-02 17:42:25
Buying a Home #2: Find a Realtor

2017-05-02 17:38:22
Buying a Home #3: Don’t Spend Extra Money

2017-05-02 17:32:37
Buying a Home #4: Understand the Lingo

2017-05-02 17:29:22
Buying a Home #5: Finding the Home of Your Dreams

2017-05-02 17:25:45
Buying a Home #6: Time for Showings!

2017-05-02 17:18:46
Buying a Home #7: I Want to Make An Offer

2017-05-02 17:15:13
Buying a Home #8: I Have an Accepted Offer

2017-05-02 17:05:24
Buying a Home #9: Open Escrow

2017-05-02 17:03:18
Buying a Home #10: Schedule a Home Inspection

2017-05-02 17:00:46
Buying a Home #11: Attending the Inspection

2017-05-01 17:47:29
Buying a Home #12: Tips for Reading the Inspection

2017-05-01 17:41:01
Buying a Home #13: The Importance of Contingencies

2017-05-01 17:33:57
Buying a Home #14: The Appraisal

2017-05-01 17:30:32
Buying a Home #15: Review the Condo Documents

2017-05-01 17:25:45
Buying a Home #16: Set Up Homeowner’s Insurance

2017-05-01 17:19:51
Buying a Home #17: Removing Contingencies

2017-05-01 17:17:29
Buying a Home #18: Give Notice To Your Landlord

2017-05-01 17:14:33
Buying a Home #19: Schedule the Closing

2017-05-01 17:10:18
Buying a Home #20: Hire Movers and Start Packing!

2017-05-01 17:07:39
Buying a Home #21: Hook up your Utilities

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