Ten Commandments of Buying a Home

I am assisting an adorable couple right now – finishing med school, about to get married and ready to buy their first home! Such an exciting time and a whirlwind of big life stages are happening for them all at one time. I am working hard to educate them about how to manage their separate accounts and upcoming purchases while we navigate the roadway to home-ownership. Recent changes in mortgage lending guidelines make this process more stringent and the bank looks at every single deposit and withdrawal with scrutiny.

We’ve created a Ten Commandments list of things to avoid when financing your home. This list will help you if you are a first time buyer, so you can effectively manage your finances during the loan application process and until you’ve received the keys to the house!

Ten Commandments of Buying a Home

1. Thou shalt not change jobs, become self-employed or quit your job.

2. Thou shalt not buy a car, truck or van (or you may be living in it)!

3. Thou shalt not use charge cards excessively or let your accounts fall behind.

4. Thou shalt not spend money you have set aside for closing.

5. Thou shalt not omit debts or liabilities from your loan application.

6. Thou shalt not buy furniture.

7. Thou shalt not originate any kinds of inquiries into your credit.

8. Thou shalt not make large deposits without first checking with your loan officer.

9. Thou shalt not change bank accounts.

10. Thou shalt not co-sign a loan for anyone.

Don’t let these transactions trip up your good intentions to buy a house. Stay focused on the goal – your very own home may be right around the corner!

Are you ready to buy? Have you broken a “commandment”? Call us for help and more information about how these seemingly minor infractions can cause major problems when it comes time to buy your home.