Davidson Realty, Inc.

10 Don’ts- When Financing a Home Purchase

September 14, 2018

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Posted by in News

The real estate market in northeast Florida is on fire and there are more buyers out looking for properties than there are homes for them to buy. If you are currently in the market or thinking about buying, It is important to position yourself to be a great looking buyer on paper to any seller. Once you have the contract to buy a home, here are some tips of things NO BUYER SHOULD EVER (EVER) Do!

 

 

 

10 Don’ts- when financing a home purchase.

These are the things that No Buyer should ever do when buying a home.

 

1.)    Spend the funds marked for closing or Borrow money to do so.

2.)    Change your employment/ income situation. Basically, do not quit or change your job.

3.)    Deposit large amounts of cash into your bank account.

4.)    Don’t move money from multiple accounts without talking to your Bank of England loan originator.

5.)    Apply for new credit cards, auto loans, student loans or Co-sign on a loan.

6.)    Max out, consolidate or miss [payments on your current credit cards, lines of credit, auto loans.

7.)    Do not Dispute any accounts or trade lines on your credit report.

8.)    Close any existing accounts or lines of credit.

9.)    Make any large purchases for the new home, including appliances and furniture.

10.) Schedule any services for your new home (floor installation, movers, repairs, internet and cable, etc.) before the closing date has been confirmed by both Bank of England and the title company.

 

The loan process should be seamless and fun. By avoiding these things you will have a much easier time buying your dream home.

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