DONT Do These Things When Buying Your Home!!

Throughout my first six months as a licensed Realtor in the state of Ohio, I have had many questions asked that sound like, "am I able to do [this thing] while trying to purchase my home?" Although you are more than definitely able to continue living your life to the fullest, there ARE just SOME things that as a buyer you do not want to do before purchasing your home:

• No New Vehicles- Next to your home purchase, vehicles are one of the most expensive transactions most people have. To buy a vehicle on a new or larger loan will impact credit, increase debt to income ratio, and can be costly upfront.

• No Personal Loans- Thinking about getting a small $5,000 loan to cover the minimum conventional down payment on a $100,000 home? Think again. Nearly all lenders that follow Fannie Mae and Freddie Mac guidelines will not credit a buyer with the funds they have borrowed. Down Payment funds need to come from a normal source of income (job) or a gift from Family; closing costs can come from seller contributions.

• Keep Your Job- Losing your job right before you purchase your next home can cause issues that will kill the deal. Before closing some lenders will run another check to make sure you are still able to afford the house. No income from a job means you cannot afford to purchase a home. If you're unable to control the situation it is best to find a new job as soon as possible and inform your lender upfront.

• Getting Married- This one is dependent on several different factors. If you and your spouse both have reliable income, good credit, and low debt you likely DO NOT have to worry about this. This issue arises when one spouse marries another with worse credit or high debt. As a married couple your finances are calculated on both peoples information. (Don't worry you can still live happily ever after, but just wait until after your home purchase- if your significant other has a habit of running up the retail credit cards.)

Connect with me today and I will be sure to connect YOU with the best mortgage lenders in northeast Ohio! We will make sure to do our best so we don't run into these issues.