10 Commandments for Home Buyers
Important Tips for Homebuyers
Many buyers in today's real estate market might feel that the hardest part is over after the contract is accepted by a seller. Let’s face it, you’ve been patient in a real estate market facing the lowest inventory shortage since the 1980s. You have most likely toured so many homes that it makes your head spin. Realistically, you’ve probably experienced the disappointment of losing a couple of bidding wars as well. Well, now that you have an accepted offer and have home ownership in sight, stay diligent and continue celebrating while being certain NOT to make any of these crucial mistakes.
It is most definitely true that getting your offer accepted is a huge hurdle in the 2021 real estate buying process, but there are many steps to tackle before you reach that coveted closing table. The most critical is ensuring that you do everything in your control to ensure your mortgage loan floats through the underwriting department and clear to close process with no red flags. Going through the buying process isn’t for the faint of heart and it’s devastating to have contributed so many hours to the homeownership dream only to have your loan denied as the closing date approaches.
Buyers, do not make these critical mistakes when your loan is in the underwriting an approval process:
1. Don’t change jobs, become self-employed or quit your job.
2. Don’t buy a car.
3. Don’t use credit cards excessively or let accounts fall behind.
4. Don't spend your down payment funds.
5. Don't omit any debts or liabilities on your loan application.
6. Do not make large furniture/appliance purchases.
7. Do not originate credit report inquiries.
8. Don't make any large deposits from bank accounts.
9. Do not change bank accounts.
10. Don’t co-sign for friends/family until after your closing day.
For more real estate tips and everything Morris County, NJ connect with local Morris County real estate specialist, Brandie Brojan at www.brandiebrojan.com .