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What NOT To Do?!

So you're interested in finding that perfect home, right? Most people have a common list in mind of what they DO need to do to make this happen. Pay off any debt, have a good chunk of money for a down payment, hit up Zillow and then find an amazing agent. What people don't realize is that there is an entire list of things NOT to do when you are preparing for a home purchase. Following these tips may not guaranty a smooth sailing home buy, but it will definitely help! More importantly, it will speak volumes to a lender when you walk in for that pre-approval. Here's a little list Team Gatlin has put together of what NOT to do when preparing to purchase a home.


WHAT NOT TO DO WHEN PREPARING TO PURCHASE A HOME:

· Don’t miss those loan payments!

· Be careful and cautious before you consolidate your debt.

· Avoid changing jobs!

· Don’t do any shifting of your finances around before getting the home loan.

· Don’t begin banking at a new institution.

· Avoid buying a new car or any other major purchases.

· Don’t buy furniture or household goods on credit!

· Avoid making large deposits into your bank account or making large cash deposits.

· Do not lie or stretch the truth on your loan inquiry.

· Don’t let ANYONE make inquiries into your credit.

· Don’t spend the money you are going to be using to cover closing costs.

· Don’t overextend yourself financially.

· Avoid being a co-signer for anyone.

· Don’t spend more than the value of the home, allow your realtor to help lead the way.


If you want to go a step further let's set you up with some valuable information to help you get that pre-approval for your home loan. Trust me when I say that having your pre-approval in hand when you begin looking really expedites the home buying adventure!

INFORMATION FOR PRE-APPROVAL PROCESS

The pre-approval process:

· The process includes a potential look at your finances by the mortgage lender and finalize the maximum amount to lend you at a specific interest rate.

· The approved amount relies on the value of your home, and the down-payment amount.

· With a pre-approval, you will be able to estimate your monthly/annually mortgage payments.

Proof you need to submit to the lender/broker:

· Proof of employment

· Identification

· For paying down payment and closing costs

· Information about your current debts (if any)

· Information about any assets like a car, truck, etc.

· Your current salary, position, and length of time at the workplace

· Notices of Assessment from the Government for the past 2 years (if self-employed).

· Student loan information





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