Do’s and Don’t of Buying a Home


The Do’s

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Do be excited!

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Do be ready to feel financially exposed.

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Do be ready to provide two months bank statements

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Do be prepared to show your income and your debt

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De expect that your credit score will lower a bit as a result of a hard inquiry on your credit report when the lender pulls your credit – it will recover fairly quickly, but may keep you from getting a line of credit anywhere else for a while.

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Do be available to your realtor and your lender for signatures and paperwork. The timeliness of a real estate transaction depends quite a bit on you.

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Do get ideas from Pinterest

The Dont’s

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Don’t spend a tremendous amount of money during the 30-45 days of escrow

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Don’t put anything on your credit cards. Lending depends a GREAT deal on your debt to income ration. If your loan is tight, $5 really can make a difference. If you have bills set up to automatic pay onto your credit card, discontinue that service until you have closed on your house. Pay directly from bank or write a check.

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Don’t go on vacation or put a deposit on a future vacation.

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Don’t ignore your lender requests. They are sometimes frustrating and you may wonder why on earth do they need this info. Just give them what they are asking for.

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If you receive a “gift” from your family member to go toward the house, they may be required to provide bank statements as well.