WHAT NOT TO DO WHEN BUYING A HOME




WHAT NOT TO DO WHEN BUYING A HOME!!!


Borrowers can set themselves up for home buying success if they do two basic things: get pre-approved and stay pre-approved.
Get pre-approved
Pre-approvals show everyone involved in the transaction that you are a serious buyer. You will get the attention you deserve and any offers you make will be legit in the mind of the seller. You will know how much you can afford so that your home search is efficient. And your Realtor will come up with better suggestions!
Pre-approvals typically take less than 24 hours and only require some basic documentation like:
• A credit report (pulled by your lender)
• Identification (e.g. driver’s license)
• W-2s (2 years)
• Recent pay stubs (30 days)
• Recent bank statements (2 months)
• Current assets
Get a pre-approval letter from your lender. It’s physical proof that you are ready to buy a home.
Stay pre-approved
Home buying will be much smoother when you have a pre-approval letter in hand. The key now is to not invalidate it.
At this stage, start thinking of yourself as a lion tamer at the circus. No sudden movements! Do not change anything about your financial situation. At all costs, avoid the following:�
• Change jobs
• Open new lines of credit
• Close existing credit card accounts
• Deviate from any expected financial behavior (paying bills on time, etc.)
• Deposit or withdraw large sums of money from your bank account
• Open or close any bank accounts
• Get behind on current debt payments
• Conceal or fail to document down payment gifts

 www.AFFORDAHOUSE.net

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