Thursday, April 24, 2014

Home Buyer Tips: Sit and wait....

The process of buying or selling a home is pretty simple on the surface.    Still, every transaction is different.

But, once all the "issues" have been resolved, the inspections completed and closing date scheduled, what does a buyer do in the interim?

NOTHING - if you are not paying cash, that is.

Buyers should place their lives in a holding pattern. 

Do not apply for or get a new credit card.  That credit card offer to transfer balance on a card should be trashed.  Furthermore, do not go out and start charging purchases on any existing credit accounts.   Don't apply for a loan to buy that new car.  Do not quit your job.


Because before closing, even though you are already "approved,"  a change in credit scores could hurt your mortgage approval or interest rate.  A change in jobs could create a problem as well.  If you must go out and buy new furniture on credit, do it after closing.

Your mortgage company will likely verify employment, credit status and other things a few days before closing to make sure no changes have occurred.

So, the period of time between the inspection and the closing should be boring...very boring. Bide time...

Ready to buy a house or condo in Melbourne, Viera, or Rockledge, Florida?  Call me at 321-693-3850 or send me an email if I can help in any way.

Image courtesy of Stuart Miles/