3 Things to Avoid When Preparing to Purchase a Home
There are three things you should not do when you're getting ready to buy a house.
Ryan Haley lets us in on these three important factors that you need to take into consideration if you're thinking about buying a house.
1. Don't Open Any New Lines of Credit
Don't apply for any credit and don't open up any new lines of credit just prior to when you're thinking that you're going to purchase the home. It's okay to go out and apply for a mortgage and they will clear credit, but don't go out and get any new credit cards or attempt to purchase a car where they're going to pull your credit along those same lines.
2. Don't Make Any Large Purchases
Just prior to actually purchasing the home, if you see a lot of money or the banks see a lot of money moving around from different accounts, they're going to ask you why you made these big purchases. You're then going to need to document that.
3. Don't Change Jobs
While you're buying the home, it's good to stay in your current job role that you're in and show a consistent stream of income and consistency with the job type that you've been in for a period of time.
So, those are the three things you do not want to do if you're going to be purchasing a house. Simply remember not to open a new line of credit, say NO to large purchases, and don’t leave your job.