A Buyer’s Don’t

When you are preparing to purchase a home, whether it is your first home or your tenth home, there are things you should be aware of. For instance, just because you have this exciting new home in the making, doesn’t mean you can go out and furnish it before it is yours… Here is why…..

One of the first things you are going to do when purchasing a home is to visit a lender to get “pre-qualified” for your new home, or to find out how much home you can actually afford. Your lender checks your credit report, and all is dandy! You qualify for a lovely spacious home, and you are ready to go make a deal.

You submit your offer, you submit your pre-qualification letter along with your offer, and now you are just waiting on the settlement/closing date to arrive once the offer is accepted. You are so excited about this new spacious home. You are dreaming of all of the things you could do with such a gorgeous home. Wouldn’t stainless steel appliances just look fabulous in the kitchen? Oh, wouldn’t one of those new front load washer and dryer sets with the large drawer underneath look fabulous in that big laundry room?

Well, before you know it, you have gone out and purchased a new living room set, a new bedroom suite, the washer and dryer you were dreaming of, the stainless steel refrigerator that all of the new homes come with, and you are ready to move in your new home with all of your new belongings! Closing day comes, and guess what! You may no longer qualify for your home loan, because all of these new items have been placed on your credit.

Even if you paid cash for all of these items, it is possible that your lender has considered the amount of liquid funds in your checking and savings accounts, and now that amount has decreased SUDDENLY by thousands of dollars. (Note, I am not a lender, nor do I claim to be an expert in this area, but I have seen it happen before. This is purely advice, and what you do with it is completely up to you. Check with your lender before making any decisions.) I would suggest saving up all of the money you possibly can for those new items that are going into your new home. When closing day comes, and everything is signed, and that home is now yours, then go to the local box store, the furniture store, and wherever you have picked out items for your wish list, and buy what you need for your new home.

A word of caution: You now have a monthly house payment to pay. Be careful not to spend beyond your means. I would hate to see anyone max out their credit on new items to go into the house, and then not be able to afford the house payment because of credit card payments or vice versa. You purchased the home, and it is yours. You have all of the time in the world to fill it with everything you ever dreamed of!

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 If you would like to speak to one of Keffer Realty’s professional agents, just call us today! We would love to assist you!

 

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**FOR MORTGAGE & QUALIFICATION INFORMATION SEEK THE ADVICE OF A MORTGAGE BROKER OR LENDING PROFESSIONAL.  THIS ARTICLE IS NOT MEANT TO TAKE THE PLACE OF PROFESSIONAL LENDING ADVICE.  WE ARE NOT LENDING PROFESSIONALS. This communication is provided to you for informational purposes only. Keffer Realty is not a mortgage lender. You should contact your lender directly to learn more about mortgage products and your eligibility for such products.

Comments

  1. L Rooker says:

    That sounds like great advice, especially for first time home buyers. It really is something everyone has to catch themselves from getting caught up in, because buying a new home is so exciting! You just want to start decorating the mess out of it!

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