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    What NOT to do Before Buying a Home

    Buying a home can be stressful, so you don’t want to make it even harder by making the wrong choices beforehand. Your finances will be monitored until your loan closes so you need to be mindful of a few things during the home buying process to avoid any mishaps.

    Here’s a list of what not to do before buying a home:


    1. Open a New Line of Credit
      Taking on new debt, no matter how small, can throw off your debt-to-income ratio which could potentially disqualify you from mortgage lending. Wait to open new credit cards and extend credit lines until the home buying process is over.

    2. Miss Credit Payments
      A missed payment even months before you apply could lower your credit score and jeopardize your chances of securing a loan. You especially don’t want to miss current mortgage payments, this will make you ineligible for a loan from most lenders for at least a year.

    3. Move Money Around
      Wait until your home is closed to withdraw, deposit, or transfer large amounts of money. Generally if you move more than $500 at a time it will impact your loan approval because your loan approval was based on your finances at the time of application, and now they have changed.

    4. Change Jobs
      Changing jobs even if for good reason could potentially cause your lender to question your financial stability. Especially avoid job changes that include going from full-time to part-time or from salary to commission.

    5. Lease a Car
      Leasing a car means more debt to your lender. This will delay the process of buying a home no matter if the car is well within your means.

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