Things You Shouldn’t Do When Buying a Home
                     Things You  
Shouldn’t 
Do  When 
Buying a  
Home
When you think about buying a house or you make a decision, you 
consider setting a  budget, saving for a down payment, building your 
credit, looking for the right real  estate agent in Cranbourne or 
anywhere in the nearby suburbs, talking to people,  engaging in 
negotiations, and conduct research.
You dream about the new house, things you want, dream of the change 
in lifestyle, and  a lot of other things. But what most people fail to 
consider some of the important day-  to-day factors that go along with 
the daily routine. If ignored can have a detrimental  impact on the 
regular lifestyle. Let us see what all you should avoid when considering  
home buying.
Do Not Change Jobs
When the loan process begins, it is suggested to not take any risk with your 
current job. Do not  change it, or quit it, or even start a new business. This you 
must neither do before nor during the  loan process.
The reason is that your mortgage lender craves for your job stability. Your 
source of income  should be reliable. If you consider changing your job before 
you close on your new home, it  might send up red flags.
You should neither quit a job too during the process. That would not go 
really well. Lenders  would want to see about 2 years of tax returns.
Do not risk your home buying process. Take calculative decision.
Do Not Lie While Applying  for Your Loan
Lie only if you want to pay heavy penalty 
because lying  is considered as a loan fraud. If 
you lie at any point, not  only will it be wrong 
but also against the loan rules and  policies.
Avoid Spending Extra – Like  Car Buying
There are three main categories which a 
lender will  consider when approving you 
for a loan – Credit,  Assets, and Debt-to-
Income Ratio.
If you purchase a new vehicle, you are likely to 
affect all  of the three items.
Do Not Hop from One Bank  to Another
Everything is verified in the beginning of the 
loan  process and just before closing. If you 
change the bank,  it will lead to delay as you 
and your lender will have to  engage in more 
paperwork.
Do Not Apply for A New  Credit Card
New inquiries for credit confuse mortgage 
lenders.  Any confusion in the process will 
not only lead to long  delays but can also be 
a huge hurdle in the home  buying process.
Even before closing the deal, your credit 
score will be  checked. This is done to make 
sure that everything is  same when 
approved. Just because new credit  
translates into a higher risk to the lender, it 
is the best  to wait till the deal is finalized.
Do Not Close Current Credit  Accounts
This may sound good and relaxing but when 
buying a  dream home, it would not be 
worthwhile especially  when you try to get a 
mortgage because it can lower  your credit 
score.
If you consider closing your credit account, 
you reduce  your available credit.
Do Not Delay Bill Payments
Paying bills on time is not just a good habit 
but a track  record of making timely 
payments helps build trust. It  shows your 
accountability and also helps you secure a  
mortgage loan without any hassle.
Do Not Move Around Money
Lenders would see the money for down 
payment in  your account for at least two 
months. So, if you have  some amount 
anywhere else or in some other bank  
account, it would be better to put into the 
account that  money lender will be looking at.
Do Not Panic if the Appraisal for Your  Home is Low
As said above, emotions should not run and 
dictate  your decisions. The house you are 
about to sell may get  an appraisal lower than 
the sales price. This can create  a problem but 
this is not the end of the world. Since  getting 
an appraisal is a contingency for obtaining 
loan,  the seller will have to drop the price of 
the home or you  may have to step out of the 
contract. If such situation  arises, you may 
even have to pay more for the home or  even 
meet somewhere in the middle with the seller.
Do Not Engage in the Home Buying  Process 
Alone
Home buying is a big decision. If it is taken by being 
under the  guidance of real estate agents in 
Cranbourne, all your burden  will be taken off. Real 
estate agents are the professionals who  deal in 
matters of property. The best part of having a real  
estate agent by your side is that they take care of 
everything  right from the scratch. You do not have 
to worry about  maintaining documents, finalizing 
deals, attending open  houses, auctions, or anything 
else. They make your journey of  home buying easy 
and smooth.
The process of buying a home is usually lengthy. 
It can take  months to finalize and settle a deal. 
But with real estate  agents in Cranbourne, or 
Hampton Park, you may even get  the home of 
your dreams in a few weeks. Yes! If you do not  
believe, contact Jasmine Real Estate agents
Get In Touch
PO Box 137 Lynbrook Victoria
0425843786
[email protected]
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2021/12/21/things-you-shouldnt-  do-when-buying-a-home/