10 Commandments for Home Buyers (before you close on your house!)

So, you’re under contract and waiting on closing day for your house—Great! But be careful what you do in the meantime!  Not to scare you, but all of the following are “commandments” because they have happened! Always discuss any changes that may impact your credit or loan approval with your lender before proceeding–better safe than sorry!
Before your loan closes, it is of utmost importance that you do not make ANY changes to your credit/income status. If you do, you may not be able to close on your loan!  There is nothing worse than buying a new car right before closing, only to find out that now your debt to income has changed and you can no longer qualify for the home purchase.  I know it is tempting to buy all new furniture for the house and they are offering $0 down and no payments for 90days–but guess what!–they will run your credit and you may not be able to qualify for the house afterwards! Just don’t do it!
Follow these 10 rules for a smooth closing:

1. Thou shall not change jobs.
2. Thou shall not buy vehicle, unless you plan to live in it.
3. Thou shall not use your credit cards or let your payments fall behind on anything.
4. Thou shall not spend your down payment money.
5. Thou shall not buy furniture or appliances before you buy your house.
6. Thou shall not originate any new inquiries on your credit report.
7. Thou shall not make any large deposits into your bank account.
8. Thou shall not change bank accounts.
9. Thou shall not co-sign for anyone….not for ANYTHING.
10. Thou shall not purchase anything on credit until after the loan closes.

 
If you need a suggestion for a reputable lender in Palestine, Texas or if you have any real estate-related questions, I am happy to help and just a phone call, email or text message away. Happy Buying! 🙂
Lisa E. Priest is an East Texas REALTOR® with Picket Fence Realty, Inc. You can reach her via phone or text at 903-948-3343 or read more at BuyPalestine.com.
 

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