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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

We love using Team Nelson to buy and sell homes! The entire team is incredibly knowledgeable, helpful, and responsive. Tara has been are go to for anything we need to know about local market and market trends. They will schedule a meeting in person at your home and give you honest expectations of the sell of your home. They meet and often exceed the expectations they set for their customers.
Demi Devine Avatar
Demi Devine
12/30/2022