Do NOT Do These 4 Things Before you Purchase Your Home
Buying a home is an exciting time. Financial preparation is key. Here are a few things that you should avoid doing before purchasing your home.
Charge It. Opening new charge cards and purchasing numerous high ticket items. Higher monthly payments will affect your debt-to-income ratio. Also, hard inquiries on your credit report could effect and hurt your credit score. A higher interest rate could then happen for you.
Fall Behind On Paying Bills. Pay your bills on time. Auto pay is an easy solution to have your bills paid in nan organized fashion. Choose a date and the bill is automatically paid from you checking account.
Co-Sign A Loan. You could be financially liable for someone else’s debt. That payment will be factored into YOUR monthly finances.
Do Not Change Your Job. A stable job is required for purchasing a home. Lenders look for stability from applicants during the loan process. Keep the lender informed even if you are promoted.