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Don't Trip Yourself up While Buying Your Home

Searching for mortgage advice? We'll be glad to talk about your mortgage needs! Give us a call at 800-880-8557.

Lots of new homebuyers make the mistake of rushing out to buy new things for their home as soon as the seller says "yes" and the loan is approved. Until closing, there still remain some hurdles to jump. Here are some things to avoid before closing to be sure your transaction goes well.


Don't empty your wallet on big-ticket items 

You may be itching to buy that new couch for the soon-to-be-yours family room, but it's advisable to stay away from making big ticket buys like furniture, appliances, jewelry, or cars until closing. Your credit numbers could be altered suddenly if you make a huge purchase using credit cards. It's also a red flag to make those large purchases using cash. Lending Institutions are looking at your cash on hand when considering your loan.

Don't go job hunting. 

Your recent job history should show consistency. Getting a new career before you start the application process for a mortgage loan may not affect your approval at all. However, if you switch careers before your loan is approved, your loan process could fail or be bogged down.

Don't switch your accounts to a new bank or move around your money.

Most lenders will require you to produce recent bank statements of your accounts: checking, savings, money market, and other liquid assets. To eliminate fraud, lenders need a clear and consistent picture of how you earn your living and where additional wealth comes from. No matter the reason, changing banks or transferring money can raise a red flag with the lender and slow down your application process.

Don't give money directly to your seller (generally in the case of of "for sale by owner") to be used as a "good faith" deposit.

Before you can improve your credit score, you have to obtain your score and ensure that the reports from each reporting agency are correct. Fair Isaac has created a web site ( that lets you do just that. For a reasonable fee, you can get your FICO score from all three reporting agencies, along with your credit report. They also provide information and online tools that help you improve your credit score.

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At Vivid Mortgages, Inc., we answer questions about this process every day.

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