Do you want to know a few secrets that will save you in the homebuying process? In this video, I’m going to tell you what not to do after getting under contract on the home of your dreams. I’ll show you how following these tips will ensure the process goes smoothly without any last-minute problems.
Don’t Run Your Credit
Now that you’re a savvy pre-approved homebuyer on the hunt for the right house, there are some things you need to avoid once you’re under contract. First, do not go out and buy new items that are financed. This includes things like a car, a boat, or anything else that requires your credit to be pulled. This means you shouldn’t do any activities that are going to cause your credit to be run at a different vendor, from getting a cell phone to getting new credit cards.
You also don’t want to do any activity that could harm your mortgage picture. Think about your pre-approval as a snapshot in time of your finances. You’re not pre-approved for the future, you’re pre-approved in the present. What we’re pre-approving is your current income, assets, and credit. So if you go out and buy a car, that instantly adjusts the amount of debt you have, which affects your debt to income ratio, which ultimately affects how much home and mortgage you can qualify for.
Don’t Change Jobs
It’s also important to not change jobs during the mortgage process. Again, we’re vetting that snapshot of your current financial picture. We’re qualifying you off your income, W-2, self-employed hourly, salaried overtime bonus, and more. All of that is taken into account based on your current situation.
If you change your job structure, you can lose the ability to buy a home for a predetermined amount of time. That would be terrible, especially after putting in all the work to get pre-approved.
We’re Here To Help
There are so many things you can do to make the process go well. Just make sure that once you’re under contract, reach out to me and my team before making any purchases or financial decisions. We’ll be happy to help guide you so that you don’t jeopardize getting into the house of your dreams.
If you have any other questions about what not to do when under contract, you can always contact me. I’m here to help!