Things You Must Know When Purchasing A Home
DO’S AND DON’TS
THINGS YOU MUST KNOW WHEN PURCHASING A HOME!
Whether you are Taking the Florida Plunge or buying a house across the street, listed below are a few Do’s and Don’ts when buying a home.
DON’T quit your job or change jobs DO keep ALL payments current. Cars, DON’T buy anything BIG! No cars, or department stores, student loans boats, no additional dept. DO file your Fed. Tax returns 4-6 weeks DON’T apply for credit, ANYWHERE before being able to us that qualifying DON’T co-sign for ANYONE taxable income DON’T change bank accounts or transfer DO have all funds needed for this loan $$ between existing bank accounts. If you in a seasoned account 60-90 days or must (i.e.: CD matures), contact your lender coming from an eligible seasoned DON’T deposit cash into any accounts. All source: gift from donor, sale of property deposits must have a paper trail. (boat, car). All $$ must be fully paper DON’T have any non sufficient funds (NSF’s) trail. or overdrafts on your bank statement. DO paper trail. ALL non payroll check DON’T purchase any other real estate or deposits for each bank statement. land. DO save the difference between your DON’T allow anyone to make an inquiry on current mortgage or rent and antici- your credit report. pated mortgage expense each month DON’T throw away any new income or and show that amount being deposited asset docs. Keep everything handy. in to your account. This shows that you DON’T plan on moving on a certain date! have assumed the responsibiity and Timelines are not exact – things happen. there will be no sticker shock. DON’T be afraid to ask questions! DO send updated docs as receive them.
DO BE EXCITED!
I hope you find this list helpful and if you have any questions, please don’t hesitate to drop a comment below. Also, be sure to follow Taking the Florida Plunge on Facebook and/or Twitter for more Florida Plunge tips and tricks.