Apr 13, 2015
So, you’ve been pre-approved and your future home is under contract. You might think you can rest easy, sit back, and assume the rest is all down hill from here. While most of the hard work is behind you, there are still a few things you should not do to avoid delays in your quest toward homeownership.
1. DO NOT apply for a new credit card. Remember, if you apply for a new credit card, it can reflect poorly on your credit rating. Wait until after the home is yours before submitting any new credit card applications.
2. DO NOT purchase a new vehicle. Unless you want to live in a new car instead of your dream home, don’t even think about buying a new set of wheels before you close on the house.
3. DO NOT buy furniture just yet. You’ve probably already planned out the decor for every single room in your new home. Avoid purchasing any new furniture until you’re absolutely sure it’s yours.
4. DO NOT quit your job. Even if you’re promised a promotion and better pay, it’s not a good idea to change jobs in the middle of a sale. This could delay the process.
5. DO NOT close or transfer any credit accounts. While it may make sense to cancel unused credit cards or transfer balances to clean up your finances, don’t do it. It can affect your credit score and your ability to close on the home.
6. DO NOT get behind on any payments. Stay on top of all current bills, including rent, car payments, and credit card charges.
7. DO NOT transfer money without documentation. Make sure you have a paper trail if you’re going to be moving money around. Your lender will need documentation for all transactions to make sure you have enough money to purchase the home.
8. DO NOT spend your savings. You will need cash for the down payment on your home. You may also need to cover closing costs.
If you have any other questions or concerns regarding what to do – or what not to do – before buying a home, it’s recommended that you ask an experienced Realtor. Contact the helpful real estate agents at Hilton Head Island Real Estate Brokers at 843-785-8006 or fill out our contact form today!
If you want to make a little piece of The Island your own, you need more than just a road map and a REALTOR. You need a partner who can make things happen.
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