Top Ten Don'ts When Buying a House!

You have decided to buy a house! You are going to need to keep your finances decent until closing, to not give lenders any reasons to think twice! Here are the ten don’ts when buying a house:

Do not change your job! You are going to want to show lenders you have stability. Do not change your job, become self-employed, or quit your current job!
Do not buy a car! Buying a vehicle of any sort will increase your debt-to-income ratio. Loan officers do not want to see that. Do not buy a vehicle unless you have intentions of living in it.
Do not overuse your credit cards! You are going to need to prove you can manage your money. Keep up to date with credit card payments and do not charge excessively. Which leads us to…
Do not buy furniture! Charging large amounts increases your debt-to-income ratio. Wait until after closing to purchase furniture.
Do not spend money set aside for the closing! You will have a responsibility for paying part of the price for financing a loan. Make sure you have enough for your share.
Do not lie on your loan application! Do not leave out any debts or liabilities on the application. More importantly, do not lie about your income. This is a fraud!
Do not apply for new credit cards! Looking to get a new credit makes you a higher risk to lenders. It may not be a huge factor, but we rather you not chance it.
Do not make large deposits! Lenders prefer your money for your down payment to sit inside an account for at least two months.
Do not change bank accounts! Just like your employment, your banking history should show stability.
Do not co-sign on a loan for anyone! Despite the fact that you may not be making the payments on that loan, co-signing will raise you debt-to-income ratio as well! Let’s avoid that.

Be sure you talk to your realtor before making any finance decisions. They will be able to assist you!

What are tips you have for current buyers? We always love to learn more and hear from you!! Share your thoughts by joining our conversation on Facebook and Twitter! Let’s discuss!

Looking to become a Staten Island homeowner? Visit RealEstateSINY.com!

Check out our Pinterest Top Ten Board for more pictures and how-to links.

Follow Us