Often, first time home buyers do not understand the importance of abstaining from anything that could impact their credit, job status, or even the amount in their savings. Sometimes opening a new credit card could be the difference of buying a home, or not. Below is the 10 Commandments to Buying a Home. This will serve as a guideline for your dos, and don'ts while you're beginning the process of buying a home.
1. Thou shall not view homes without being pre-qualified by a proven/experienced lender.
2. Thou shall not buy a new car or open up any new credit accounts.
3. Thou shall not quit your job or start a new business (retain all paystubs).
4. Thou shall read and understand the terms of the entire purchase contract.
5. Thou shall not be your own home inspector (unless you are one in real life).
6. Thou shall not quibble with the seller over minor repairs (reasonable BINSR).
7. Thou shall not make large deposits without first checking with your lender.
8. Thou shall not spend the money you have saved for your down payment, or closing costs.
9. Thou shall not change banks, or bank accounts.
10. Thou shall not co-sign on any other loan for any reason.
Simply put, before spending money on anything other than your normal bills, check with your lender, and Realtor to make sure that any decisions you make will not affect your ability to secure a loan, and closing on time.
Author:Michelle Mojica Phone: 602-687-0617 Dated: December 29th 2015 Views: 2,446 About Michelle: ...
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Mojica & Associates Real Estate has over 55 years of combined real estate experience here in the Valley. Concentrating on evolving trends in a rapidly growing market, we specialize in finding the perfect opportunity for first time buyers, families looking to upgrade their home, 2nd home buyers and investors. Whether you are looking for the perfect place to hang your hat or finding qualified buyers to purchase your current property at top market prices, we can get it done for you.
Mojica & Associates Real Estate professes that the only way to best serve our clients’ needs is to continually educate ourselves and our agents on the most current and future market trends. Whether it is cutting edge technology to showcase or find the perfect home, making sure our staff is the most knowledgeable in the Valley on contracts, current laws governing real estate sales, short sales, or simply updating our listings throughout the day, we deliver.
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