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What NOT To Do Before Buying A Home In North Texas

buying a home in north texas

As experienced Dallas real estate agents, we know that buying a home is an exciting and much-anticipated time in your life. You get loan pre-approval, perhaps even get under contract; already, you’re landscaping, updating the kitchen, living those dreams in your head. Before you go overboard, remember that loan pre-approval is not a guarantee that the sale will go through.

Here are a few things buyers should avoid between contract and closing day in order to seal the deal.

Avoid late payments. When waiting to close on a home, make sure you pay your bills on time – particularly the mortgage or rent payment. Even one late payment can substantially impact your credit score, so be sure to pay all of your bills on time for a minimum of 12 consecutive months before attempting to qualify for a home loan.

Losing or changing your job. Even if you shift positions within the same company, it can be significant. For instance, going from a salaried position to one that is commissioned can make lenders re-think their decision. You certainly don’t want to make a switch to a career in an entirely different industry. Best just to stay put if possible, as job hopping or losing a job can bring your dream to a screeching halt.

Becoming liable for another person’s loan. Co-signing is sometimes a risky financial move even when you’re not trying to buy a home. Essentially, when you co-sign for someone else, you are becoming financially responsible for that person’s debt. This could upset the apple cart with lenders in terms of your assets and debt-to-income ratio.

Don’t go on a wild shopping spree. Sure you want new furniture for the living room and dining room, perhaps even new window or floor treatments – but don’t go credit-crazy until the loan has closed! Again, any new payments, whether for furniture, new appliances, or a new car will negatively impact your debt-to-income ratio. Save the purchases for after your loan has closed.

At Team Nelson, we want to help ensure your dream of buying a home comes true! If you are looking into buying a home in North Texas, give our realtors a call today.

What People Are Saying

  • Could not have been more pleased with Your Home Free! They provided personable and professional service throughout our home selling/buying process. The attention to details and the confidence that we had in the whole team made the process so much easier! They exceeded our expectations. Highly recommend!

    Connie Correll Avatar
    Connie Correll
    3/11/2019

    We had a great experience with Team Nelson We received a full price offer and couldn’t be happier with the handling of the sell!

    gary pry Avatar
    gary pry
    12/11/2018

    Team Nelson is highly professional, knowledgeable, and great to deal with. Kelly Sokora guided us through the whole process. My wife Cindy and I are very grateful to team Nelson for making selling our house painless. Thanks again for a great job.

    Hal Volkert Avatar
    Hal Volkert
    9/11/2019
  • We enjoyed working with Team Nelson. Bill helped us with our new house plans, gave us advice and always answered my calls. Kelly Sokora guided us through the selling offers, and Casey was there for us for anything we needed. Saving 3% on our end didn't hurt either! Experience matters!

    luanalyn Avatar
    luanalyn
    6/11/2019

    We just purchased our first home with the help of Team Nelson and I can't say enough good things about them! When we wanted to take a few months to look and understand the market, they were happy to go at our slower pace, and when we needed to move quickly to secure the contract they were right on it.The best part about Bill Nelson's group is that they work so well as a team: Bill gave us great advice about shopping the market for a fixer upper; Casey steered us towards houses and areas of DFW that would handle the level of investment we wanted to make; and Kelly was fantastic at handling the back-and-forth with the seller and ensuring the lender got everything to the table on closing day.

    Claire M. Tranter Yost Avatar
    Claire M. Tranter Yost
    12/11/2016

    Had a great experience. The Nelson team was available and got our house sold for the tip of the market. Definitely recommend

    Kris Phaup Avatar
    Kris Phaup
    12/11/2018
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