CHARLOTTE – Once you have that pre-approval and begin looking for homes, it is vital to remember the “Do’s and Don’ts” throughout the process. Until the closing day, and keys in hand, please remember these tips:
- DO: Maintain current employment and/or alert your loan officer if there are any changes going to be made
- Do NOT: open any new lines of credit
- From pre-approval to closing, please refrain from any new financed purchases including: Auto Loans, Lines of Credit, Credit Cards, Furniture Loans, etc.
- DO: Set aside money for a down payment/closing costs, ensuring this money is not spent or used
- Do NOT: Make any large deposits (i.e cash or checks) without alerting your loan officer or lending institution
- DO: Make all timely payments on current debts
- Even if you are selling a home to purchase a new one, it is vitally important to still make the payment
- Do NOT: Co-sign on any loans during the process or initiate any additional credit checks
- Any co-signed debt will be looked at as the same as a sole debt for the first 12 months of co-signing
- DO: Ask Questions and communicate with your loan officer
- The MOST important aspect of the financing process is to understand the details of the transaction. Open and efficient communication can make the world of difference in a real estate transaction.
As always, if the Do’s and Don’ts lead to any questions, please do not hesitate to call, email or text (704) 430-6138 or firstname.lastname@example.org).
Look forward to discussing more next week!