When Buying A Home…Thou Shalt Not

Is it just me, or does the majority of advice we all receive about life, business, and relationships always focus on the what we should be doing?  The internet is full of Top 10 things you should do if you want to…retire by the time you’re 55, lose 10 lbs, find true love, become a better you. You name it, just fill in the blank and do a google search and you’ll have a to-do list.  Don’t get me wrong – I love a good to-do list just as much as the next person.  In fact, as a semi type A person, I’ve even been known to write things on my to do lists even though I’ve already done them – just so I can have the satisfaction of crossing them off.

But sometimes we need to focus on the ‘to don’ts’, and never is that more important than when you’re buying a home, or in fact borrowing money for any major purchase. So in my attempt to bring some balance to the to-do vs. to-don’t equation (I am a Libra after all!) here’s my list of things you shouldn’t be doing if you are in the process of buying a home, or even considering it in the near future.

1. Change jobs, become self employed, or quit your job.
2. Buy or lease a new car
3. Pay off your vehicle loan
4. Use credit cards excessively – or more than normal.  In fact a little credit card usage is a good thing, just keep it minimal
5. Stop paying bills
6. Spend money you have set aside for closing
7. Make any major purchases – furniture, appliances etc, or in fact do anything that will originate new inquiries into your credit
8. Make any large deposits without checking with your loan officer
9. Change bank accounts
10. Co-sign a loan for anyone
11. Change marital status

Many of these may seem counter intuitive but each of the above could jeopardize your chance of receiving your mortgage – even if, in fact especially if, you’re already pre-approved and waiting to close.

So, I leave you with two words of advice.  1) Stash your Cash, and 2) If in doubt call your loan office before doing any of the above. If you’re looking for a lender, or need any further information about the home buying process continue to poke around on my website, or better yet let’s chat directly. alitamblyn@windermere.com or 425 753 1810.