Here’s what NOT to do When Buying a New Home

You’re found your dream Drees home and your closing is only weeks away. There are plenty of thing you need and want to do, but are you aware there are some things you should NOT do? Heed these tips to keep your finance in tip top shape through signing on the dotted line.

Don’t Splurge on Big Ticket Buys
There may be several item you want or need to buy for your new home. A washer and dryer, a new lawnmower, living room furniture… the list goes on. Avoid the temptation until you have the keys in your hand. Banks have you under a microscope throughout the mortgage process and will scrutinize any new credit lines opened before closing.

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Don’t Change Jobs
Unless your home purchase is necessitated by a job relocation, it’s best not to change jobs while buying a home. Your lender must validate your income and employment status to insure their risk of lending to you. Last minute changes, even if your income remains the same or increases, could delay your closing.

Don’t Get New Wheels
Banks view a car lease like any other debt payment and leases require a hard credit check. It is certain to be a red flag for your lender. A car lease also requires more cash down at signing; funds that could be used for your home downpayment.

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As your closing approaches be sure to keep the lines of communication open with your lender and you should be able to avoid hiccups that could delay moving into your dream home.

If you’re interested in learning more about what to expect when it comes to financing your new home, visit us here. 

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