Buying your first home is one of the most exciting decisions you’ll make in your life! It comes with a lot of responsibility, but a lot of excitement too. Before you jump in and buy your first
WHAT NOT TO DO WHEN BUYING A HOME
Dated: October 9 2020
While your loan is being processed and before you close on your home, there are multiple ways in which you can ruin your chances in becoming approved for your home.
- Open any new credit lines. New credit lines equal new debt and new debt will increase your debt to income ratio used in qualiifying you for your home.
- Take a cash advance from your credit card. Again, this will increase your debt ratio lowering your chances of becoming approved.
- Allow for anyone to pull your credit.
- Make any irregular or cash deposits into your bank account.
- Quit your job, start a new job or change careers without advising your financing team ahead of time.
- Cut back on your work hours or decrease income.
- Take an unpaid leave or vacation as this will affect your allowable income used for qualification.
- Pay any accounts late that would affect your credit.
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