Now you are ready to begin your home search. Here are some of the common mistakes home buyers make during the home buying process and how to avoid them.

Do’s & Don’ts of Buying a Home

The Do’s:

• …Provide all documents requested as soon as possible and keep all original paystubs, bank statements, tax returns and other financial documentation handy as you receive it. You may be required to update your loan file during the process.
• …Notify us if you are planning on receiving a gift for the down payment or closing costs.
• …Notify us if you have any upcoming financial expenditures coming up during the loan process that will lower your assets
• …Notify us if you have any upcoming employment changes, raises, promotions, change in pay structure, medical leave, etc.
• …Respond promptly to all requests to provide documentation, sign documents, answer questions, etc.
• …Notify us if you are going on vacation at any time during the process.
• …Be flexible and make yourself available for your home inspection and your closing appointment

The Don’ts:

• …Make any non-payroll related deposits, balance transfers, and cash deposits, without contacting your Mortgage Planner to discuss the documentation requirements and whether or not it will be accepted as funds for closing.
• …Make any purchases that could affect your pre-approval; such as purchasing a new car, buying furniture or appliances.
• …Co-sign for anyone else for a home or car loan or any other type of debt.
• …Dispute any credit accounts on your credit report before or during the loan process – disputed accounts can alter your credit score.
• …Payoff any collections or charge-off’s or close accounts on your credit report unless advised by your Mortgage Broker – altering these accounts can alter your credit score.
• …Close any bank accounts or open any new bank accounts.