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HOMEBUYING DOs and DON’Ts

 

So, you have started on the exciting journey of buying a new home with the Garza Home Team at RE/MAX North San Antonio. To ensure a seamless process, here are some crucial dos and don’ts that can make a significant impact on your home buying experience.

DO: Contact Your Insurance Agent Early One of the first steps is to connect with your insurance agent. Keep them in the loop about your new home purchase to ensure a smooth transition.

DON’T: Apply for New Credit Resist the temptation to apply for new credit of any kind. It’s crucial to maintain your financial stability during this period.

DO: Provide Prompt Documentation Speed up your closing process by promptly providing all requested documents (ALL PAGES) to your loan officer and processor. Detailed financial documentation ensures a smoother journey.

DON’T: Make Large Deposits Last Minute Avoid making large deposits into your bank account just before closing. Your down payment should be seasoned, meaning it has been sitting in your account for at least two months.

DO: Verify Loan Application Details Check and double-check your loan application for accuracy. Ensure that your employment, assets, and personal information are correct to avoid complications.

DON’T: Have Unnecessary Credit Inquiries Minimize inquiries on your credit report during this period. Excessive inquiries may raise concerns for lenders.

DO: Explain Non-Payroll Deposits Be prepared to explain and account for all non-payroll deposits into the accounts you intend to use for your transaction.

DON’T: Raise Red Flags to Underwriters Avoid co-signing on another person’s loan or making changes to your name or address, as these actions may raise red flags to underwriters.

DO: Respond Promptly to Requests Respond to any requests for information from your loan officer as soon as possible. Timely communication is key.

DON’T: Make Changes to Employment or Income Maintain stability in your employment and income. Avoid making significant changes, such as quitting your job, during this crucial period.

DO: Continue Timely Payments Continue making all your payments on time to maintain a positive financial track record.

DON’T: Spend Your Down Payment Resist the urge to spend your down payment. Preserve these funds for a successful home purchase.

Following these dos and don’ts will set you on the path to a successful and stress-free home buying experience with the Garza Home Team. Your dream home awaits, and we’re here to guide you every step of the way!

Robert Joseph Ott

Sales Manager & Creative Director, REALTOR®

Jesse Rene Garza

REALTOR® MRP, PSA, NHC, CHMS, MSLG, HFR

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