Here are a few common home-buying mistakes you should avoid.
Are you getting ready to buy a home? There are a few things you need to be aware of before you get started with the process.
First, do not deposit large sums of cash without consulting your loan officer. Large cash deposits can be challenging to trace and raise concerns for lenders. Avoid making significant purchases, such as appliances or furniture, and steer clear of co-signing loans for others since these actions may impact your debt-to-income ratio.
Additionally, don’t change bank accounts unless absolutely necessary for your lender to track your assets. Consistency in your financial transactions is key.
“Consult with your lender before making significant financial decisions.”
Next, avoid applying for new credit and closing any existing accounts. Both actions can influence your credit score and potentially affect your mortgage rate and loan approval.
Finally, consult with your lender before making significant financial decisions. Remember to rely on your team of professionals for expert advice and useful tips throughout the home-buying process.
If you’re considering buying or selling a home, I’m available 24/7, and we have excellent lenders ready to assist you. You can reach me anytime on my cell phone at (502) 376-5483, or you can email me at bob@weselllouisville.com. Additionally, if you have an interest in real estate, did you know I host a real estate show every Sunday morning from 8:30 a.m. to 9 a.m. on 840 WHAS. Check it out if you haven’t already; we look forward to hearing from you!
