Don’t Make These 3 Common Homebuyer Mistakes

If you are using a loan to finance your home purchase, there are three mistakes you need to avoid if you want to close on the property.

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In this market, 90% of homebuyers get a loan, while 10% of buyers pay cash. If you are getting a loan, there are a few things you need to know.

It’s always crazy when we get to a closing table with a buyer who has an amazing income, great credit, and a good job only to find that they are denied from getting the loan.

The buyer then loses their earnest money and any money they spent on appraisals and inspections, not to mention the emotional investment they made in the home. If you want to get the keys to your next home, there are a few things you need to remember.

First of all, don’t make any large purchases. Don’t buy a car or any furniture. Big purchases put a balance on your credit card, which could be a red flag for lenders. Big purchases also push your ratios, which could impact your credit score. Avoid buying any big-ticket items. I would be very careful about spending over $100, and I would avoid spending over $500 altogether. You can always buy furniture once you have the keys to your home.

Also, let’s say you buy the furniture and something else happens to cause the deal to fall apart. Now, you’ve not only lost your home, but you’re also stuck with a couch you can’t return. Just wait until you actually close on the property until you buy any furniture.

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Wait until you have the keys in your hand before you make any large purchases.

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