MINT HILL, NC — Once you’ve gotten that pre-approval and started looking for homes, it’s essential to remember the “do’s and don’ts” throughout the process. While waiting for closing day, and turnkey, don’t forget these tips:
- DO: Maintain current employment and/or alert your loan officer if changes are needed
- DON’T: open new lines of credit
- From pre-approval to closing, please refrain from any new financed purchases including: car loans, lines of credit, credit cards, furniture loans, etc.
- DO: Set aside money for a down payment/closing costs, ensuring that this money is not spent or used
- DON’T: Make large deposits (i.e. cash or check) without alerting your loan officer or lending institution
- DO: Make all timely payments on current debts
- Even if you are selling a house to buy a new one, it is extremely important to always make the payment.
- DON’T: Co-sign loans during the process or initiate additional credit checks
- Any cosigned debt will be considered a single debt for the first 12 months of cosignature
- DO: Ask Questions and Contact Your Loan Officer
- The MOST important aspect of the financing process is understanding the details of the transaction. Open and effective communication can make all the difference in a real estate transaction.
As always, if the do’s and don’ts raise questions, please feel free to call, email or text (704) 430-6138 or email@example.com).
Look forward to discussing it next week!