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The 10 Commandments of Buying a Home: A Guide to Financial Success

Are you ready to embark on the exciting journey of buying a home? Ensuring your financial records and actions are in order is crucial to qualify for the best mortgage rates available. At the Garza Home Team, we believe in setting you up for success by following the 10 commandments of buying a home. Let’s explore these commandments to help you stay on track and achieve your dream of homeownership:

  1. Thou shalt not change jobs, become self-employed, or quit your job: Maintaining job stability during the home buying process is essential to demonstrate consistent income and financial security.
  2. Thou shalt not buy a car, truck, or van: Avoid making large purchases, such as buying a vehicle, as it can impact your debt-to-income ratio and affect your ability to qualify for a mortgage.
  3. Thou shalt not use credit cards excessively or let current accounts fall behind: Keep your credit card usage in check and ensure timely payments on all your accounts to maintain a healthy credit score.
  4. Thou shalt not spend money set aside for closing: It’s crucial to preserve the funds you’ve allocated for closing costs to cover expenses related to the home purchase.
  5. Thou shalt not omit debts or liabilities from your loan application: Be transparent and include all debts and liabilities when completing your loan application. Omitting information can lead to complications and potential loan denial.
  6. Thou shalt not buy furniture on credit: While it may be tempting to furnish your new home before closing, avoid making significant credit purchases that can impact your debt-to-income ratio and creditworthiness.
  7. Thou shalt not originate any inquiries into your credit: Minimize inquiries into your credit report during the home buying process, as multiple inquiries can negatively affect your credit score.
  8. Thou shalt not make large deposits without checking with your loan officer: Consult with your loan officer before making significant deposits into your bank accounts, as it’s important to ensure these transactions align with the loan requirements.
  9. Thou shalt not change bank accounts: Maintain consistency in your banking activities to streamline the verification process and avoid unnecessary complications.
  10. Thou shalt not co-sign a loan for ANYONE: Co-signing a loan for someone else can impact your debt-to-income ratio and financial obligations, potentially affecting your ability to qualify for a mortgage.

By adhering to these commandments, you’ll stay on the right financial path to home loan success. Don’t let these common transactions derail your goal of homeownership. Stay focused on your family’s dream and trust that your very own home may be just around the corner!

If you have any questions or need assistance in navigating the home buying process, feel free to reach out to the Garza Home Team. We are dedicated to helping you achieve your homeownership goals and look forward to working with you and your family in the near future.

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The Garza Home Team was “SPECTACULAR”! Coming from out of state i really didn’t know where to begin to find a realtor who would shoot me straight, listen to MY wants & needs and find me a home my family and i would love. I stumbled across some of their advertising, (homes for sale) and to make this simple…..All it took was one phone call, a 15 minute conversation, and I knew i had got lucky or hoped so. We arrived in San Antonio a couple weekends later and they had been sending us… all along…
Alex C | San Antonio, TX