No Major Purchases Before Closing. This includes furniture, jewelry, appliances, electronic equipment, and cars anything that will create a debt or cut into your cash reserves. Increasing your debts or decreasing your cash reserves could affect your loan qualification. If you need to buy a car or furniture, wait till after you move into your new home. If you just have to make a purchase check with the mortgage company first.
Moving Your Money Around. Your lender is required to document the source of your down payment and closing costs. If you start transferring liquid assets among different accounts or banks--if only to consolidate--you could end up regretting it when you have to produce canceled checks, deposit receipts, and other seemingly inconsequential information.
Changing Jobs. Talk to your lender before changing jobs. Changing jobs may adversely affect your ability to borrow. In the worst of case, changing jobs could possibly keep you from getting the home loan.
Shop for Home Insurance Early. Start shopping for insurance as soon as you have a property you want to make an offer to the seller. Many buyers wait until the last minute to get insurance and find they have no time left to shop around. Insurance premiums can vary for each property and with each different insurance company. I recently had a home that I showed one of my buyers. They completely fell in love with the home. The location was perfect and the property was priced right for the area. Before they put a contract in on the home I encouraged them to check on home owners insurance. To their shock - and mine too - the flood policy was $4800.00 per year! This put them way over the monthly payment amount for their comfort.
There are lots of factors to consider when you are buying a home. If you need guidance or have a particular question, please do not hesitate to let me know!
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Whether you are buying or selling Real Estate in Pearland Texas it just makes sense to use a Realtor® that knows the area! I live here, work here and play here - I call Pearland Texas home! For more information regarding Pearland Texas be sure to visit my website:
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