Besides the purchase itself, buying a home typically includes a lot of homework, preparation, and execution. That’s why in the process of buying a home, buyers can get sidetracked with other areas of the home-buying process, like buying furniture or moving money around to a different account.
Those are important too, but moving forward during the purchase of your home can lead to unpleasant ramifications. But that’s why we’re here for you because the team at Accunet doesn’t want any surprises that may compromise your future home loan. After you get that pre-approval for a loan, it’s imperative to follow these rules that we dub The 10 Commandments of Home Buying:
- Thou Shalt Not change jobs, quit a job, submit a resignation (even with a 2 week notice), or become self-employed.
- Thou Shalt Not buy a car, truck, RV, boat, motorcycle, or van unless you plan to live in it.
- Thou Shalt Not use your credit cards for large ticket items or open any new accounts.
- Thou Shalt Not spend the money you have saved for your down payment and closing costs.
- Thou Shalt Not buy furniture before you officially have a home to put it in.
- Thou Shalt Not allow anyone for any reason to pull your credit, even if you are offered a 10% discount.
- Thou Shalt Not move money around to and from bank accounts, make any large deposits into your bank account, change banks or close any bank accounts.
- Thou Shalt Not become a co-signer for credit for anyone or an authorized user on another account.
- Thou Shalt Not pay any bills late or miss any payments.
- Thou Shalt Not Schedule your move-out date too close to your new Move-In date.
It’s easy to overlook these rules if you’re not aware. For example, many of these commandments will change the debt-to-income ratio, potentially changing the approval of the loan. There are also secondary checks for income and debt at the closing table, so whatever happens between the pre-approval and closing table will be found out.
If you stray from this list and commit a commandment sin, then you’re looking at a possibly lengthy process to get you back on track and in your home. But the biggest takeaway more than anything is to discuss any question, issue, or big change you plan to make with your mortgage lender as quickly as possible.
We’re the experts, and with our guidance, you will make it to the promise-land aka your new home.
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