First thing to do when you are wanting to buy a home is "Call Me!" LOL
Then, I always schedule a time to sit down with you if you are local to the area or I schedule a virtual buyers consultation if you are relocating and out of the area or in another state so we can go over the process of buying a home! I always take pride in having this valuable sit down with my clients when I first meet them so we can get to know each other and I will know what they are looking for in a home before we start our search. If you don't have a lender, then I can also help with that as well!
Here is a list of things to know during the home buying process.........
1. Don't apply for a new credit card ~ this could change your credit score and impact you qualifying for the loan as a lender will possibly be notified of a new account opening and they also pull credit during the process so they will see a new account. You don't want any hiccups during the buying process.
2. Dont' buy a new car ~ You would think I wouldn't have to tell you this, but I have had many wonder why they can't buy a new car and I just ask them to pick their roof....a house or a car? You can save the car buying after you buy your home so you will have a place to park it! This will put your debt to income ratio higher and you could potentially NOT qualify for a house if you buy the car first......so please DO NOT BUY THE CAR!
3. Don't go furnish the home before you own it ~ Lots of times you get the furniture fever and want to shop....that's ok as long as you just "window" shop and don't open a credit account at a furniture store and don't put it on lay away until you close on your house. It's ok if Mom or Dad want to buy you furniture, but you don't need to use any of your savings or open new accounts while buying the home.
4. Avoid changing jobs or quitting your current one ~ Sometimes this can really impact you buying a home if you change jobs, but other times if its in the same field or a possible pay raise then it may be ok. Before doing this please talk to your lender to get their expert advice as they know better. It may just require a letter of explanation, but it could hold up closing if the lender may need the first 2 pay stubs at the new job. So, always ask first!
5. Don't close any credit accounts or pay anything off ~ You would think a zero balance wouldn't hurt you, but sometimes it could make your credit score drop and we don't want that to happen. Always ask the lender before making any financial decisions and that means paying off anything too. You may need your savings for your down payment or your closing costs, so before doing anything please get the advice from the lender. My lenders have a knack for telling you which accounts need to be paid off or not pay off, so always listen as they know the answers to get us to the finish line!
6. Don't get behind on any payments ~ Please, NEVER get behind on any of your payments that can get reported to your credit bureau. Lenders will get notified an things get a little messy during the process or you could end up getting denied a loan after all of your hard work.
7. Don't move money around without a paper trail ~ You will need to provide bank statements of your checking and savings accounts for your loan process and if you move money around from each account you need to make sure you have an accounting of that. If you get cash money do not deposit that into an account unless there is a receipt for what it was for to prove to the lender and underwriter. So, if you sell a car for instance......have a bill of sale handy for that same amount and deposit the cash in the bank. Always call your lender for advice anytime you are moving money around.
8. Don't spend your savings ~ You may need your savings for your down payment or closing costs to buy your new home, so you never want to spend you savings. Some lenders require you to have a cushion of so many months worth of house payments in a savings account at closing so keep as much money in savings and add to it as you go. Keep savings as a priority!
9. If you visit open houses alone, then let them know you have an agent. I can always set up a private showing, so it's not necessary to go to an open house. I know sometimes you just want to do things on a weekend and that's perfectly ok to do, but if you are interested in the homes let me set them up for a private showing.
10. Always consult your agent (me) or your lender for any questions. Even though family and friends mean well, they don't always understand the home buying process and I don't want you to be misguided. Always call me if you have ANY questions, because I am always here for YOU!
My clients know that I am here for them and will call me about pretty much everything.....lol! I don't mind at all and that is what I am here for. If its something we need to get the lender to help us with then I will get you in touch with the lender or find out the answers!
A little advice on what happens when we make an offer and it gets accepted........
You will need to have some money up front for your Earnest Money Deposit that will need to be written by check or go to bank and get a cashiers check. This will be something that the lender will ask for ~ a copy of the check (which I send them usually) and a copy of the bank statement showing what account it came out of. This will be put toward your closing/down payment on the settlement statement so it is credited and less money you have to wire for closing. You need to always get a home inspection, but its up to you and I have some home inspectors that I can refer you to so that you have a piece of mind on the good, bad and ugly of the home and this is your point in time to make up your mind if you want to ask for repairs or take the home as is and move on past the contingency period to closing. During the home inspection you can get all of your inspections done, such as termite inspection, septic inspections, roof and hvac, etc. I become a concierge to my clients and they usually look to me for guidance through the whole process of buying, even if they have bought several homes or it was their first home buying experience.
Written by:
Audra Hicks ~ REALTOR, ABR, e-PRO, SRES, PSA, AHWD, RENE, HFR
Benchmark Realty, LLC
131 Saundersville Rd, Ste 130
Hendersonville, TN 37075
Cell - 615-859-1748
Office - 615-991-4949
