Hi I’m Chris Mundell and I’m Todd Sullivan. Together we make up the Todd Sullivan team we’re here for video number two in our series on how to buy a home. Today we’re going to talk about the top 10 things that you do not do during the home buying process.
10. Don’t co-sign for another loan
So number 10, number 10, please don’t cosign for a loan for anybody, for any reason. Don’t let your boyfriend or your girlfriend or anybody else talk you into it. Just please don’t. It’s going to mess everything up.
9. Don’t change your bank account or move money around
And secondly (#9) don’t change your bank or change your bank accounts around just leave them right where they’re at everything’s going be just fine so we get that house close for you.
8. Don’t make any large cash deposits
Number eight is, do not make any large cash deposits in your bank without checking with your loan consultant. It is really important for the federal government to have a paper trail. They need to know where everything came from in your bank so no cash deposits without speaking with your lender.
7. Don’t make unnecessary credit inquiries
Also do not do any unnecessary inquiries into your credit. That would be like opening up a new credit card or going on to one of the credit sites online and just checking all your credits as they all bring your credit down just a little bit. They’re going to pull your credit all the way up to the day of closing.
6. Don’t buy furniture on credit
The next one, number six, don’t buy any furniture on credit. It’s really challenging when you’re excited about this beautiful house you want to fill it with some nice furniture. Just hold off wait until after completely through closing and then you can go spend the money on that furniture.
5. Don’t omit any debt on your loan application
Number five, when you’re applying for your loan and doing the loan application don’t omit any debts or any liabilities on there. It’s tempting maybe to make yourself. You’re like well maybe we should just leave this off. It’s not going to work, number one they’re going find it and number two its fraud. So make sure that you disclose everything.
4. Don’t spend your down payment money
Number four, of the top ten things not to do during the home buying process, is spend that money is set aside for closing they’re going to ask for it at the closing table.
3. Don’t use credit cards excessively
Number three is don’t use your credit cards excessively. Don’t spend a bunch of money on unnecessary items. For instance on the furniture. What you do after closing is your own business but before closing do not use your credit cards excessively.
2. Don’t refinance a car, truck, or anything else
Number two don’t refinance your car your truck or anything else. Just leave it alone. It might be tempting, because somebody says interest rates are really good. It’s going to be considered an inquiry and it’s going to affect your credit so leave that alone and wait till after we’re done.
1. Don’t switch jobs
And finally, don’t switch jobs! The lender can verify your employment right up to the very hour before closing if they choose to and you don’t want to risk that so wait.
This wraps up episode 2 of our series on how to buy a home. If you’re interested in having Todd or I help you with your home buy or sell we’d love to! Just look us up on our website. There you can see what our past clients have to say about us, you can search on some different things about the Spokane area, and just learn all about us. We’d love to hear from you and hope to hear from you soon.