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What NOT to do before buying a home

Dated: March 16 2023

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What NOT to do before buying a home

 

Your budget is set, you have some rate holds and now you are shopping for your new home. This can be an incredibly exciting time but there are somethings you can do that will impact how much you can qualify for. Here’s some tips:

 

·     Don’t change jobs. If at all possible, don’t change your employment status as it could have a direct impact on how much you can qualify for. Being on probation, or moving from a salaried position to a contractor position can effect your qualification. If something does change, please advise your Mortgage Broker asap.

·     Don’t move your money around. Often people think this is a helpful thing to do, but lenders need to see a full history of these funds. Moving the money can raise red flags for lenders and will result in additional paperwork.

·     Avoid buying a car. Whether it be a lease or a loan, adding the additional debt for the car purchase will impact your qualification ratios. If you are in a situation where you need to do this, please check with your Mortgage Broker.

·     Avoid “pay later” debt. Some companies will provide you with the ability to purchase something now and pay later. The full payment of the loan has to be calculated into what you can qualify, so though it may seem like a great idea, it could impact your borrowing power.

·     Limit the inquiries into your credit. The lender may assume you are trying to take out more debt - which could cause problems with your mortgage financing.

·     Avoid being a co-signer for anyone. Even if you won’t be making the payments for another home or a car, a lender will still include this as a personal debt for yourself. It will increase YOUR debt-to-income ratio which would impact how much you can qualify for.

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Anna Smith

Our emphasis is on providing you an unmatched level of quality service and professionalism. We pride ourselves on putting all the information into your hands in order to help you make the best possibl....

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