7 Things NOT To-Do While You Are Buying A Condo
Have you recently been pre-approved on a condo or plan to start searching for that perfect home?
Do you want to ensure that your buying process is as simple as it can be and that everything goes as planned?
Then make sure you follow these 7 Things NOT To Do While You Are Buying A Condo:
Don’t lose the money trail
It is important to know where your money is coming from and your lender is going to request a lot of documents that show that you really have enough money to be approved for your loan.
Don’t spend your savings
There are a lot of expenses when it comes to purchasing a condo. You are going to want to make sure you do not spend your savings account in the process. You will need to pay for the down payment, home inspection, appraisal, and may end up spending some on closing costs.
Don’t make late payments
You want to be able to show your are worthy of the loan and will make your payments, so do not miss any bill payments you currently have.
Don’t open or close credit accounts
Opening and closing credit accounts can cause your credit to drop or fluctuate. Some people feel it makes sense to close accounts or transfer balances to have less lines of credit open, however, DO NOT DO THIS! It can affect your credit score.
Don’t switch jobs
Lenders want to see that you have maintained a steady job. Although you could be getting a raise or setting yourself up for future growth, I recommend being patient and waiting until after the buying process.
Don’t buy furniture yet
This one is tough. You’ve found the home you want and could even be under contract, so you’re getting so many ideas for what new furniture you want. But, wait until closing on the condo. When you make large purchases during the buying process, it creates the potential to have your Lender defer your loan.
Don’t buy a new car
Would you rather live in that new car or a new condo? If you would rather live in the new car, then by all means, start your engine.