Buying A Home? Don’t Get Carried Away At Christmas!
November 24, 2007 – 2:16 am | by midorimillerIf you are looking to buy real estate there are a few things to think about during the holiday season. Marketing and advertising entice us to purchase lots and lots of presents for others. Sometimes too much and it could have a bearing on whether you will have the ability to purchase a home.
Often times we blow our budgets during the holidays. It’s OK, we are giving. If you are in the market to buy a home there are a few things you should think about.
Remember your loan officer or mortgage company has approved you for a mortgage. Do not incur any other debt. Your approval may depend on ratios…ratios in what you take in as income vs. what you pay out. Here are some common mistakes buyers make before closing on their new home.
Purchase a car- No! Do not purchase anything big. You may affect your approval on your loan.
Do not co-sign for anything- Again it’s important not to increase your debt it make have a bearing on whether you close on your home.
Control your spending with credit cards…Again…increasing debt….lowering your changes of owning a home.
Do not spend all of your savings-The lender may have to verify your reserves so make sure they do not fall short of what is needed.
Pay your bills on time- If you are in the market to buy a home most likely they will pull your credit one final time. Just 2 points short on your credit score can affect your qualification, your rate and your down payment.
This holiday season, if you are buying a home be smart and watch your pennies! Remember breaking the bank will not be helpful it could in fact prevent you from buying a home!
