1. Don't Buy A New Car!
If you would like to live in a new car instead of the dream home, then go ahead and pick one up.
2. Avoid Changing Jobs!
Although job changes can provide better pay or a chance for advancement, it could delay your quest for home ownership.
3. Don't Apply For A New Credit Card!
Remember that when you apply for a new credit card it can be BAD and look poorly on your credit rating. Wait!
4. Don't Furnish the Home Before You Own It!
We all know that you already have picked out that new couch, entertainment center and flat-screen TV. But avoid buying them until after you close on your home.
5. Don't Close Any Credit Cards!
It makes sense to clean up your finances by canceling unused credit cards and transferring balances to other cards to get a lower interest rate when you're offered them. But don't do it! This can be a bad move for your credit score.
6. Don't Move Money Without A Paper Trail!
Your lender is going to need documentation for all your transactions to make sure you really have enough money.
7. Don't Spend Your Savings!
You're going to need cash for the down-payment and for closing costs.
8. Don't Get Behind On Payments!
Make sure you stay on top of your credit card and rent payments.
A final thought: If you have any questions about the do's and don'ts of buying a home, call me at (434) 660-9063, or e-mail me at Patti@HomesInLynchburgVirginia.com.