"Experienced Agents

Who Make The Difference"

HOME PAGE
MY WISH LIST
WHY US
JOIN US
ABOUT / CONTACT US
MORTGAGE INFO
OUR LISTINGS
RENTALS
JUST LISTED
EMAIL UPDATES
& SAVED SEARCHES.
Manchester NH Info
Nashua NH Info
ADVANCED MLS SEARCH
 
To See Real Estate
Select town/s
Hold Ctrl button to select multiple towns.
 
 
Y N
Y N

S F Condo
Multi Land All
NH Bank Foreclosures
For House Flippers
MANCHESTER AREA LUXURY HOMES AND CONDOS
How Much is your Home Worth? GET A FREE CMA
A 1031 exchange could save you thousands in taxes!
R.E. News and Articles
Schools
Area Info
Area Golf Courses
Commision Structure
Sold in 60 days or Free!
Home Feedback
Easy Exit Listing
N E W !
Fixer Uppers and House Flipers
Three day Guarantee
Who is representing your interests?
Relocation Resources
First Time Buyers
Buyers Check List
Little /no money down
Things to consider before buying a house.
The Closing
Save on your Taxes
Mortgage Information
Montly Newsletter
National Resources
Return to Mortgage Home Page

Things buyers should NOT DO!

 

rightThings to avoid before buying a home

Many new homebuyers make the mistake of rushing out to buy things to fill their home with as soon as the seller accepts their purchase offer and the lender pre-approves their loan. But there are still a few major hurdles to overcome before the keys are handed out. Here are some things to avoid during the home buying process to assure your transaction goes as smoothly as possible:

  • Don't make an expensive purchase. It may be tempting to order that new sofa for your soon-to-be living room, but its best to avoid making major purchases like furniture, cars, appliances, electronic equipment, jewelry, or vacations until after the closing. Financing that furniture with a store credit card or even one of your own credit cards could jeopardize your credit worthiness during the time it means the most. Using cash to purchase big items can also create a problem because many banks take into consideration your cash reserve when approving your mortgage.
  • Don't get a new job. Lenders like to see a consistent job history. Generally, changing jobs will not affect your ability to qualify for a mortgage loan - especially if you are going to be making more money. But for some people, getting a new job during the loan approval process could raise some concern and affect your application. 
  • Don't switch banks or move money around. As your lender reviews your loan package, you will likely be asked to provide bank statements for the last two or three months on your checking accounts, savings accounts, money market funds and other liquid assets. To eliminate potential fraud, most loans require a thorough paper trail to document the source of all funds. Changing banks or transferring money to another account - even if its just to consolidate funds - could make it difficult for the lender to document your funds.
  • Don't give a good faith deposit directly to the seller in a FSBO purchase. As a rule, your good faith deposit belongs to you, not to the seller, until the deal closes. Your FSBO seller may not know that your good faith funds should be applied to your expenses at closing. Get an attorney or other neutral party who can hold the deposit or put it in a trust account until you close on the home. Your purchase contract should dictate to whom the funds go should the transaction fall through.
  • Don't disregard your lenders requirements. You may have been pre-approved for the loan but your work with the lender is far from over. In order to process your loan, you need to meet certain requirements. Your lender will need copies of your bank statements, W2s and other paperwork. It is up to you to get it to him or her as soon as possible. Failure to submit certain qualifying documents could cause you to lose your loan and the financing you need to buy your home.

 

 

 

 


 

Copyright 03/15/10 NH HOME TEAM
Copyright 2010 Northern New England Real Estate Network, Inc. All rights reserved. This property's agent is   from This information is deemed reliable but not guaranteed. The data relating to real estate for sale on this web site comes in part from the IDX Program of NNEREN. Data last updated March 15th, 2010
NH HOME TEAM
Box 112 Goffstown NH 03045 1-800-398-3255