Financial Mistakes To Avoid When Buying A Home

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Working with many clients over the years, I have learned that often a list of what to do is provided to home buyers; but rarely a highlight of what to stay away from.  Here, I want to share with you the things to look out for as you embark on your new home purchase.

Before you start to look for that new home, here are 5 things to avoid:

  • Your credit score, bankruptcy & late payments directly impacts your ability to get a home loan; the type of loan & the interest rate. Several months before beginning that search, re-establish credit by lowering credit card balances to below 30%, correct any errors reported & avoid constantly running your credit to see your score.
  • Debt counts for 35% of your credit score, be sure to avoid late payments or being put into collections.
  • Do not go on “shopping sprees” with cash or credit cards. Large “cash” purchases or withdrawals may cause red flags on bank statements.
  • Job income over a 2 year period will have a huge impact on your ability to qualify for a home loan, avoid any job changes during the home buying process.
  • Stick within your price range even if you are qualified for a higher amount, you know better than anybody whether you can afford the monthly payment.

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