The best rule of thumb is always “Don’t buy, don’t lie and don’t die.” The tips below will help you andI strategically navigate the process and successfully move to the closing table....and your new home!
The DO's-Things to Remember While in the Home Buying Process
• Do continue making your rent payments.
• Do stay current on all your existing credit cards and other accounts
.• Do keep working at your current employer. (Yes, some people quit their jobs while getting a loan!)
• Do keep the same insurance company.
• Do continue using credit as usual (as long as “usual” means paying on time!)
• Do call your lender if you have questions or want to change your finances in any way.
These Do’s and Don’ts are just before & during the mortgage process. Once you have the loan, you can return back to the normal process of life.
The DON'T's-Please don't do any of these while you are in the process of getting your loan or thinking about buying a house within 90 days
• Don’t make any major purchases. (car, furniture, refrigerator, etc.)
• Don’t apply for new credit. (even if you’re “pre-approved”)
• Don’t open a new credit card.
• Don’t transfer credit card balances.
• Don’t pay charge offs. (unless your lender says to do it)
• Don’t pay off any collections. (you guessed it- ask your lender first)
• Don’t close any credit card accounts.
• Don’t increase your credit card debt.
• Don’t change bank accounts.
• Don’t consolidate debt or credit cards.
• Don’t take out a new loan. (yeah, people have done it)
• Don’t open a new cell phone account – or any new accounts
• Don’t pay off loans or credit cards unless your lender says its ok. It's probably becoming clear that the best rule is “Don’t Change Anything!” unless you talk to your lender first.
The Tammy Sells The ATL team is here to guide you every step of the way and our preferred lender, Tony Brown at Homestar, will work diligently to get you pre-approved quickly. Tony will ensure your loan moves through the system as efficiently as possible so that you can close and start life in your new home.
Want to know exactly what you will need when you meet with Tony to get pre-approved? Click here for the list.
For even more good information, check out one of our earlier blogs. http://bit.ly/2hwhsNR