Buying a house can be a complex and lengthy process. Sometimes, a hiccup in one part of the chain can delay the entire purchase.
And while you can only control so much, there are some steps you can take to help prevent this from happening on your homebuying journey.
If you’re preparing to buy a house soon, here are three things you can do to try to keep your home purchase on track.
- Talk to a lender first. Working with a loan officer before beginning your home search can help ensure you’re in the best place to qualify for a mortgage. They can let you know if you need to reduce your debts or increase your credit score before applying. Plus, getting preapproved by a lender can help you determine your price range and could give you a leg up once you’re ready to make an offer.
- Know all the costs. You won’t just be responsible for the down payment. You should also prepare to cover closing costs, moving expenses, utility deposits and other fees. Your lender will give you a full loan estimate that can help you better understand many of the costs associated with your home purchase.
- Avoid large purchases and credit card debt. Your lender will take a close look at your finances — both when you apply for your mortgage and just before you close. Make sure you keep your income and credit score stable. It’s best not to open new lines of credit or put a lot of charges on your existing credit cards, as these actions can change your debt-to-income ratio and make it harder to qualify.
Want to learn more about the homebuying process? Reach out for expert help on your next home purchase.
