Buying a Home in the Coming Year?

Agent risingAre you thinking of buying a new home in the next year?  Here are some tips to keep you on track.  The year before you buy a new home is a very stressful time. This is a major decision and a life-changing event.

You should be looking into what kind of loan you will be using with your bank or mortgage company and  getting a pre-approval, so you will know what you can afford and what price range you will be looking in.

A lender is always looking for stability, so switching jobs or changing banks can affect your pre-approval.  A lender will ask for pay stubbs, tax returns and bank statements to verify your ability to pay back a loan.  Changing jobs or banks can slow down this process especially if you are close to choosing and buying a house.

Buying large items is also never a good idea.  This could affect your credit score or your debt-to -income ratio in a negative way and make you look like more of a risk.

Opening new lines of credit could also hurt your credit score. You are better off simply paying your current lines of credit on time and making sure there are no mistakes on your credit report.

Moving money among accounts or a large deposit may raise some red flags also.  Keep your savings and activity consistent.  The lender will be interested in your ability to save in a consistent manner.

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