Don’t make these mistakes!
It may seem obvious that you know what to do when shopping for a home, but it may also not be so obvious when you are ready to start your search.
- Don’t wait until you get a 20% downpayment. You can still buy a home as low as 3%.
- You can meet with more than one lender. You can meet with as many lenders as you want. You have to eventually choose the lender who you will work best with. I often tell potential buyers to work the lender you trust to complete the loan.
- Get pre-qualified rather than pre-approved. After you met with a couple of lenders. Get Pre-approved. Don’t go shopping unless the lender has seen all your documentation required. You do not want to give the seller any red flags when viewing your offer.
- Don’t move money around. You are buying a home. Don’t move money around from one account to another account. The lender will look at the history of your accounts and see what is coming in and out of your accounts. Don’t make large purchases at this point. Don’t go applying for new credit cards.
Let’s start with the basics. If you find a home that seems right for you, you have job stability and you can get financing at historically low rates, buying a home might be a wise choice and the right thing to d0 — even now.
Do you still have questions? Questions are great for seeking out advice so please ask them and do not hesitate to reach out to me if you are thinking about purchasing a home.