Dos and Don’ts with your finances before and during your New Home Purchase

If you are thinking of buying a property through a mortgage loan, you should take the following into account.  Get your finances in order:

1. Keep your credit score as high as possible.
2. Your source of income must be stable.
3. Check your debt-to-income ratio (there are programs that allow up to 55%).
4. Have savings to cover the initial payment or down payment plus closing costs.

The recommendation is to continue taking care of your finances even during the closing of the transaction, so this is what you should NOT do during the purchase of your new home:

1. Change job
2. Increase debts
3. Apply for new credit
4. Move money without leaving a paper trail
5. Skipping a payment or making a late payment on a bill
6. Spend your savings
7. Buy expensive items

Lenders will continue to check your credit, income, and job stability until just before closing to see if anything has changed that could affect your score. Remember that there are currently many programs and having a real estate agent will give you more chances of being successful in your purchase. Write to me to better guide you with advice.