You got pre-approved for a home loan, found the home of your dreams, made an offer and are getting ready to purchase your home. The time from your offer being accepted to closing may feel like a land mine. However, it doesn’t have to feel that way if you keep the following things in mind.
- Do not move money from one bank account to another. This type of action can cause your lender to take a second look at your finances.
- Do not make any big purchases prior to closing. I know that it’s exciting to purchase new furniture or appliances for your new home, however financing those items with in store credit or putting them on a credit card can change your debt to income ration putting your mortgage at risk.
- There are three times that you will negotiate during the real estate transaction. You will negotiate overprice (unless you are making a full price offer), repairs after you get the inspection report and price again should the appraisal comeback low.
There is a lot more to the real estate transaction than these three things, however these tips are important to keep in mind when going through the process. A great real estate agent will walk you through the whole process and explain what is going on each step of the way. In addition, they will answer any questions you may have throughout the process. In all honesty the process of buying a home can be scary, however the right real estate agent will make it less scary.