Don't Trip Yourself up While Buying your Home

Many new homebuyers make the mistake of rushing out to buy new things for their home soon after the seller says "yes" and the lender approves the loan. Until the house is really yours, there are still some hurdles to jump. We have listed some things below you will want to avoid when waiting for closing.

Don't buy big-ticket items. You may be tempted to order that new sofa for the soon-to-be-yours living room, but it's best to stay away from making big ticket purchases like furniture, appliances, electronic equipment, or vacations until your home loan closes. Using credit cards to buy new living room furniture could compromise your lending process by distorting your numbers. Because lenders are examining your financial accounts, a large cash purchase is also not advised.

Don't look for a new job. Your recent job history should show consistency. Getting a new career before you apply for a loan may not get in the way of your approval at all. However, switching jobs during the application process may affect your approval.

Don't switch your accounts to a new bank or move around your finances. Your lending institution will ask for recent bank statements on all of your accounts: savings, checking, money market, and other assets. To detect potential fraud, most loans need a thorough paper trail to document the source of all funds. No matter the reason, switching banks or moving money from one account to another can raise a red flag with the lender and slow your qualification process.

Don't deliver a "good faith" deposit directly to the seller in a FSBO (for sale by owner) purchase. Your good faith deposit does not belong to the seller: it is actually yours until closing. Some FSBO sellers might not realize that your good faith funds must go toward your expenses upon closing. Find an attorney or other neutral party who will hang on to the funds or put them in a trust account until closing. The final disposition of earnest funds, if your home purchase fails, should be documented in the contract with the seller.

At Price Mortgage Group LLC, we answer questions about this process every day. Give us a call: 405-513-7700.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information

* Name:

* Email:

Phone:

Street Address:

City:

State:

Country:

Zip/Postal Code:

Some Details

When Are You Moving?:

Where Are You Moving:

Your Price Range?:

Number of Bedrooms?:

Number of Bathrooms?:

Size In Square Feet?:

Any Comments, Concerns, Or Questions:

SMS Messaging:

By checking the box, you agree that Price Mortgage Group LLC may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.