Pitfalls to avoid while buying a house
Your offer was accepted and you have been pre-approved for the mortgage, but you are not on the home stretch yet, here are 5 things things that could derail the purchase.
- Putting too much credit on your credit cards.
- Purchasing new appliances
- Buying a new car
- Taking an expensive vacation,
- Not paying your bills on time
Putting too much credit on your credit cards after getting the pre-approval could really change your credit score in a negative way.
Purchasing new appliances for the new home. It would be sad if you lose the house and is stuck with the appliances. Large purchases too could affect your credit worthiness.
Buying a new car is a mistake made by many, this too is a large purchase and should be put off until you have the key to the house.
You are buying a new house and taking an expensive vacation during the transaction. Save the celebration until you close on the house.
Paying your bills on time during the transaction is a must.
Do you know why these 5 things should be avoided? Because the bank will check your credit a second, or third time and if your credit score change significantly your mortgage might be denied.
So make sure to avoid these 5 things while buying a house.