WHAT NOT TO DO WHEN BUYING A HOME IN CALIFORNIA IN 2022
Are you interested in San Francisco Down Payment Assistance Loan Program?
If so, please continue reading… preparing to buy a new home requires dedication, especially for first-time buyers. You have done everything right; saved for a down payment, built your credit, had sessions with realtors, and now about closing on the home-buying deal. It is worth noting that the home is not yours until the completion of the paperwork and when the deed is recorded. Many first-time homebuyers messed up their transaction by engaging in things they should have avoided during the journey of homeownership.
To help many other first-time home buyers avoid being blind-sided just before closing their San Francisco down payment assistance loan program, we have identified things to be avoided when buying a house. They are costly mistakes that can occur, but the following tips will help protect yourself and your home purchase.
Do not change jobs, quit a job, or become self-employed
Lenders take your long-term financial stability and reliability into consideration before approving you for a loan. They want to know your employment history and if you’re capable of making loan repayments. So, changing jobs or quitting your job before closing on your new home can send them a wrong signal.
Do not miss loan payments.
Keeping your payments current on all your loan accounts will put you in a good position for final mortgage approval. Lenders will look at your credit again before finalizing your mortgage, and if you miss any loan payments, it can prevent you from getting the loan.
Do not buy a car
This is one of the most common mistakes buyers make when buying a new house. The excitement of becoming a homeowner can make you start looking for other ways to improve your life. Lenders look at credit, assets, and your debt-to-income ratio before approving your loan and buying a new car will likely affect these three things.
Do not change bank
Many buyers mistakenly believe that once a lender preapproval their loan, it is all done. This is not the case. All documents verified at the beginning of the mortgage process will be re-verified before closing. Changing your bank can disrupt everything, and you may miss out on the final approval.
Don’t apply for a new credit card.
Your credit report and score will be verified again just before closing to ensure everything is the same as when you were approved. Taking a new credit card can be a major turnoff for the lender because it translates into higher risk.
Do not forget to switch your utilities.
This sounds quite simple, but it might be the last thing on your mind considering many other important things you have to do. Many buyers forget to cancel or apply for utility services. Once you have a contract, arrange for utilities to b started or stopped.
Do not move money around to make your bank account look better
Moving money around to make your bank account look better might not be a good idea. When you were pre-approved for a loan, it was done based on your current financial state at the time. It is important to maintain that state. Lenders will ask for explanations about why you moved money around various accounts, and it can delay your approval.
Do not spend your savings.
Go easy on your savings because there are a lot of expenses you will need cash for, from the down payment to closing costs, inspections, appraisals, etc. Many lenders even require seeing your down payment in your account for a duration.
Do not lie on your loan application.
You might not have the intention to lie about your finances in your loan application, but it is worth noting. Not only is lying on a mortgage application wrong but also an act of fraud. If the lender finds out, you can lose your loan and even get a penalty.
Buying a new home can be exciting and overwhelming at the same time. Do not panic during the journey, and make sure you avoid the mistakes highlighted in this post. If you can avoid these mistakes, then it is safe to say you’re welcome to the world of homeownership. To get access to San Francisco down payment assistance loan program reach out to the Whigham group 916-413-3967San Francisco
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