The article "10 Things You Shouldn't Do When You're Buying a Home" is about real estate, it has been created by Alex Rad.
Home Buying Don'tsYour home purchasing process is well underway.
The sellers accepted your offer to pruchase. The home is officailly under contract and you're counting down the days to closing.
The lender pre-approved you, so purchsaing the house is a sure thing, right? Not quite.
Nothing is certain until the keys are in your hands. There are still major hurdles to get past beofre you close, and your actions between right now and closing can create headaches, slowdowns, and even stop the transaction.1. Don't Make a Major PurchaseYou've just found out your credit is A+.
That's great news, cause a new automobile would look exciitng in the driveway of your new home. But hang on--if you are depending on a mortgage to move in, you'd best wait until after closing to buy the automobile.An raise in your debt to income ratio reduces the amount of monthly income available for your mortgage payment.If you tack on a higher automobile payment, the bank might decide you cannot afford the home.Using money to purchase the automobile could also create a problem, for banks consider money reserves when approving your mortgage.
If you must make a major purchase before closing, talk to your loan officer before you do it.2. Don't Change Jobs Unless It's NecessaryoHme Lenders like to see a consistent job history. They aren't usually as nervuos if you change jobs within the same field, but it's better to stay put until the keys to the house are in your hand.3. Don't Give an Earnest Money Deposit Dierctly to a For Sale By Owner SellerYour good faith deposit should go into a trust account.
Some for sale by owner sellers don't understand that funds are to be applied to your expenses at closing.I've heard many stories about sellers who spent the deposit money prior to closing.
When the transactions did not take place for valid reasons--such as financing or repair issues, the buyers had to fight for a refund.Find an attorney or other neutral party who will hold the dpeosit for you until closing day and make sure your contract dictates what happens to the funds if the transaction doesn't close.4.
Don't Let Your Emotinos Take OverKeep a cool head during the entire home purchasing process, especially during and after an inspection.
Be realistic. No home is perfect, especially older homes.
It's not unusual for new owners to take care of repiars themselves.
Don't let the seller's refusal to do a small repair kill the deal on a home you truly love.On the other hand, don't fall so much in love with the house that you'll buy it no matter what needs to be done--unless you're absolutely sure you can handle it emotionally and financially. Decide what type of repairs you can realistically tackle, then stick with the decision.5. Don't Forget to Switch UtilitiesThat sounds simple, but you'd be surprised how many people forget to apply for utility service at their new home. Call the utility companies as soon as you have a contract. Find out how many days lead time they need to switch the service, then get back with them when you have a firm closing date.Don't forget to discontinue services at your old home.6. Line Up Your Hazard InsuranceA no-brainer, right? But it's a second often-forgotten task that buyers scramble to take care of at the last minute. Beofre closing, your lender will want to see an insurance binder showing you have coverage for the new home. Get it as early as possible so that closing isn't delayed.
In locations, additional types of insurance coverage might be necessary. Talk to your lender about insurance requirements well before the closing date.7.
Don't Become Best Friends with the SellerI'll get flack on this one. It's great to be friendly, but don't get into too many long discussions with the sellers, cause personality conflicts often cloud judgments.Remember, this is tehir home. You're no duobt excited about moving in, and if you did not like the house you wouldn't have offered to buy it.
But you'll make changes--everyone does. A casual statement about "ripping up that ugly carpet" might be hurtful enough to keep the selelr from negotiating with you about repairs or other issues that crop up.8. Don't Panic if the Appraisal Comes in LowAt least not at first. There are things you (and your agent) can do to correct the trouble.
Study your options.9.
Don't Go It AloneIf you're working with an agent, it's the agent's duty to track many of the day to day details that involve the lender, the seller, or the seller's agent.10. Don't Ignore Home Lender RequiremenstKnow what is expected of you and take care of it. For instance, a Certificate of Eligibility is required to move forward on a VA loan.
That's something you must handle yuorself. Answer lender questoins and provide required paperwork as quickly as possible--your closing depends on it.Special Loans (http://www.Special-loans.Com) specialises in providing secured finance where banks will not. If you have credit problems, are fully employed or self-employed, have income issues or employment issues, we have the best solution for you! We provide Non-conforming home loans offering wholesale home loan rates as well as Standard Home Loans, unsecured personal loans, refinance products.Http://www.Special-loans.Com
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