Things to avoid when buying a home
Until the transaction is completed, your actions between acceptance and closing might impact the transaction. Here are some things to avoid during this period.
Do Not Make Major Purchases
A major purchase will obviously increase your debt. That increase in your debt reduces the amount of monthly income available for your mortgage payment. A higher debt to income ratio may result in the bank concluding that you can't afford the home.
Do Not Change Jobs
Since lenders like a consistent employment history, a job change could jeopardize that. Unless you have to change jobs, hang on to the one that you have until the transaction is completed.
Do Not Let Emotions Take Over
Avoid reacting emotionally as the transaction is completed. Since no home is perfect, especially older homes, expect repairs. Do not become unduly anxious when you find some repair items.
Do Not Forget the Utilities
Call the utilities when you have a contract. Determine the lead time days to switch the service. Be sure to discontinue services at your old home.
Do Not Panic if There is a Low Appraisal
Understand why! Then there may be some things that can be done to correct the problem.
Do Not Ignore Lender Requirements
Fulfill your obligations on a timely basis.