Real Estate

Helpful Do’s and Don’ts Everyone Needs to Know When Buying a Home

 

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Once we’ve found the perfect home for you somewhere in the Greater Tampa Bay area, with an easy commute to your job and your favorite hang outs, we’ll put an offer in and hopefully go to contract.  I always hand this list of Do’s and Don’ts to my buyers to avoid any problems they might accidentally cause before we get to the closing table.

Do

  • Let your loan officer know if you have had any employment changes recently such as raises, promotions, transfers, etc.
  • Provide any paperwork your loan officer requests regarding the sale of your current home. This could include your sales contract, closing statements and employer relocation program information if applicable
  • Make sure you provide all requested financial documents such as pay stubs, bank statements and other important paperwork
  • Let your loan officer know if you are planning to receive gift funds for closing. Only certain gift funds are allowable.  Advances from credit cards for down payments or closing costs are not allowable
  • Remember a new credit report can be pulled just before closing

Don’t

  • Open any new credit cards or cosign with someone else. This will have an effect on your loan qualifying amount
  • Make any major purchases at any time prior to closing on your home. This could include buying a new car, furniture, appliances, etc.  Purchases such as these could significantly impact you qualifying for a loan
  • Open or close any accounts or move money from one account to another without checking with your loan officer
  • Change jobs before closing without speaking to a loan officer
  • Make additional deposits to your bank account without speaking to your loan officer first. There may be documentation required showing the source of these funds
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