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Monday, September 12, 2011

Home Buyer Tips: Home Under Contract – Now, Freeze, Don’t Make a Move….

The home buying process is really not that hard to understand.   In a nutshell, you get a mortgage pre-approval, find a good local real estate agent ( in Viera and Rockledge, Florida, call me), find your “at the moment” dream home, and get it under contract.

Now, until the transaction closes, follow this advice very carefully.
  • Freeze any and all activity that has anything to do with spending money [no new credit card applications, no new major purchases],
  • Do not change employment, 
  • Continue to pay your bills on time 
  • Conserve funds for closing
Even after you have been pre-approved, your house has been appraised and all the I’s dotted and T’s crossed the lender will monitor your behavior.   The lender will likely on the day of closing (or possibly the day before) verify your credit and employment.  Any major changes can kill the deal (at a minimum increase your stress level as you explain any issues to the lender!)

Besides, there will be plenty of time to shop for new furniture after you move in!

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