Believe it or not, some people do the unthinkable that costs them their dream home!
Qualifying for a home loan can be a stressful process. It is possible that you have spent months or even years cleaning up your credit and saving money so you can purchase you dream home. Then finally, you get approved! As tempting as it may be to rush out and buy new furniture for your future home, don’t do it. Until you close on your home your credit, specifically your debt-to-income ratio, is monitored by your lender. Any meaningful financial transaction or change in your personal situation could put your home purchase in danger.
Here are 10 credit mistakes to avoid:
- Quiting or changing jobs
- Buying or leasing a car
- Buying any big ticket items
- Opening any lines of credit (no matter the payment terms!)
- Closing any credit accounts
- Taking any credit card cash advances
- Missing any credit or rent payments
- Forgeting to tell your Lender before making large deposits
- Forgeting to tell you Lender if you transfer money between your accounts
- Becoming difficult to reach (changing your phone number or going on an extended vacation)
Remember, these rules apply not only before you have been approved for your home loan but until you close escrow on the purchase. When in doubt, contact your Lender or real estate agent. Better safe than sorry!
Preston Group is here to guide clients through the process of completing a real estate transaction. We have over 10 years experience in the Las Vegas real estate market and are ready to help you with your real estate needs. Call Shawn M. Preston at 702.350.2289.