10 must nots when buying a home
Getting your offer accepted is not the end of the story.
Once you're in contract, it's really important that you don't do certain things. Hi, I'm Brendan Moran with Five Star Real Estate. We've helped hundreds of buyers over the years, and we have seen buyers make these mistakes. So don't be that guy. Don't do one or a couple of these 10 things.
The 10 Must Nots
Number one, don't change jobs. Just stay where you are, at least until the house closes. Don't become self-employed. We need those pay stubs.
Number two, do not buy a car. Don't buy a truck. Don't buy a van. Don't buy anything with wheels that you have to finance.
Number three, don't open any new credit cards or charge cards or anything like that. Just keep your accounts stable and up to date.
Number four, don't spend any money that you already have set aside for the closing. You're going to need it.
Number five, don't emit any debt on the loan application. Tell 'em everything, even if it's not the greatest news.
Number six, do not buy any furniture. Very tempting to furnish your house before it closes, but just wait.
Number seven, don't allow any credit inquiries on your account that are not for insurance purposes.
Number eight, don't have any large deposits or large withdrawals from your accounts without letting your lender know it's coming down the pipe first.
Number nine, don't change bank accounts.
And number ten, don’t co-sign for anybody. Not a house, not a car, not an apartment, not anything, because if you co-sign for somebody, essentially it means you are on the hook and your lender will count that as a liability against your ability to borrow.
If you follow these 10 commandments, you're going to be just fine. It's a little tricky between when your offer gets accepted and the closing date. A lot goes on in the background, but you just want to keep it even keel. Not spending any money, not do anything out of the ordinary, and you'll be good for more tips, just message me. Thanks.