Buying Home First Time
Congratulations on your way to buying your first home! To make your journey smooth and hastle free, do take care of a few things mentioned below.
Get Pre-approved
This is the first and foremost thing that you need to do before you start reaching the real estate agent’s door. Having pre-approved doesn’t guarantee you the mortgage but it is a step big enough to make your home purchase quick. Even your agent’s first question will be the same. Seller take those buyers seriously who are pre-approved.
Your search will be filtered with pre-defined budget and you will not waste your time on homes which are beyond your pre-approved budget.
Do's & Don'ts after making an offer
Do not open any new credit card lines until your loan has closed and funded
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Lenders now employ tracking systems that notify them when new credit accounts are opened.
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New accounts can impact your Debt-Ratio/Qualification.
Understnd the Importance of your Mortgage Commitment Date
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In your contract, your mortgage commitment date specifies the date that your financing needs to be approved by.
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After this date, your deposit may become non-refundable.
Liquidation of Funds Needed For Closing
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Pay particular attention to conditions that require you to liquidate funds from Retirement, brokerage accounts etc.
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Underwriters need to track and approve the liquidation prior to issuing final approval on your loan.
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If this step is put off too long it could delay your clear-to-close.