Not making any huge purchases and not moving your money around is the tenth and final segment of our House Buying Tips series:
When buying a house, don’t be too hasty to sign the papers–even if it seems like the perfect house. Many people get so focused on planning their lives in a potential new home that they may not look at other factors that could reveal some undesirable qualities in a new house. Do your homework first! Knowing how to bid, issues to walk away from, issues to utilize as a bargaining tool, or know if the timing is a factor will make you a well-informed buyer. We have gathered some of the best home-buying tips we’ve seen so you can get the most out of your money! Leave your money alone and don’t make any large purchases six months before buying a house. House buying tip #10 is to keep your money where it is.
Buying Secret #10: Keep Your Money Where It Is
It’s not wise to make any huge purchases or move your money around three to six months before buying a new home. You don’t want to take any big chances with your credit profile. Lenders need to see that you’re reliable and they want a complete paper trail so that they can get you the best loan possible. If you open new credit cards, amass too much debt or buy a lot of big-ticket items, you’re going to have a hard time getting a loan.
At Stonebridge Mortgage, we thoroughly go over an applicant’s financials and find out what loan amount is appropriate. We will not put an individual at risk for default by overestimating his or her payment capabilities. Click to learn about our Real Estate Loan Integrity.
SRC: Click to read more house buying tips.