Here are three mistakes not to make if you’re in the home-buying process.
Today Chuck Simmons from Motto Mortgage Midwest joins us to discuss the three main things you shouldn’t do if you’re in the process of buying a home. Some of these things may seem obvious, but many people don’t know the ins and outs of how the process works. Don’t get caught making one of these mistakes:
1. Don’t change jobs. If you’re getting a mortgage, job stability is a crucial factor. If you do change jobs, let your lender know because there are many extra verifications needed. Not communicating leads to delays in your closing. Just wait a couple of weeks until you close on the house to change jobs.
2. Don’t take on new debt. People often get excited and buy new furniture for their new home right before closing, for example. Even if they won’t be making a payment for 18 months, we still have to stop the process, verify that debt, and build in a payment. In the worst scenarios, this can cause huge problems for buyers. Chuck had to call a client on Black Friday once and ask them to stop making purchases!
3. Don’t miss any payments. Don’t miss payments or pay them late. Keep showing your creditworthiness. We don’t have to pull credit again for four months, but if you’ve missed a payment during that time, it causes issues.
These blunders are why it’s so critical to work with an expert who educates you about the process, though occasionally we have to explain it again because some people don’t quite make the connection as to why this is such essential advice. The lesson from today: Keep your situation the same while you wait to close on a property.
If you have any questions about these buyer errors or real estate in general, please reach out to me. I would love to help you.
Visit the Motto Mortgage Midwest site here!