Most buyers looking to purchase in the Raleigh area probably have along list of things that they have been told they need to do. Hire a Realtor and home inspector. Run a credit check. Figure out what monthly payment that they can afford. According to a recent article I found on the www.homebuyinginstitute.com website, however, there are also things potential homebuyers should NOT do when buying a home. Here is what they had to say:

Don’t Make a Major Purchase

You’ve just found out your credit is A+. That’s great news, because a new car would look fantastic in the driveway of your new home. But hang on — if you are depending on a mortgage to move in, you’d best wait until after closing to buy the car.

An increase in your debt to income ratio reduces the amount of monthly income available for your mortgage payment. If you tack on a higher car payment, the bank might decide you cannot afford the home.

Using cash to purchase the car could also create a problem, since banks consider cash reserves when approving your mortgage. If you make a major purchase before closing, talk to your loan officer first.

Don’t Change Jobs Unless It’s Necessary

Lenders like to see a consistent job history. They aren’t usually as nervous if you change jobs within the same field, but it’s better to stay put until the keys to the house are in your hand.

Don’t Let Your Emotions Take Over

Keep a cool head during the entire home buying process, especially during and after an inspection. Be realistic. No home is perfect, especially older homes.
It’s not unusual for new owners to take care of some repairs themselves. Don’t let the seller’s refusal to do a small repair kill the deal on a home you truly love.

On the other hand, don’t fall so much in love with the house that you’ll buy no matter what needs to be done — unless you’re absolutely sure you can handle it emotionally and financially. Decide what type of repairs you can realistically tackle, then stick with the decision.

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Tags: Triangle Real Estate //