Honesty and Frugality
You’ve found your dream house, you’ve taken the plunge, and you’re in escrow. It’s not too early to celebrate, but you still need to take care to get all of your ducks in a row. Here are two major mistakes to avoid in this stage of home buying that can wreck your entire transaction.
Increasing your debt when applying for a loan.
You already have a significant amount of money invested in your new home. As tempting as it may be to make other life changes and begin upgrading appliances, we highly suggest waiting. This is not the time to quit your job, or make big purchases you can’t afford to immediately pay out. Do not risk impacting your credit score, or you could jeopardize your loan approval.
Lying to your Realtor and Loan Officer.
If your employment status or credit score does change, you must tell us. We are here to help you through this process! We can work with you to hopefully save your real estate transaction when situations change, but only if we’re aware of all of the details.
Take our word for it: honesty and frugality are key in this stage of the home buying process. If you have any questions, never hesitate to reach out to us!