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Julia Vakulenko - Broker -

DOs and DON'Ts in Financing


When it comes to financing, you will be faced with a lot of decisions. Knowing what to do and what not to do will help you to get the best deal.

The DO's:

  • Pay your existing mortgage payments on time.
  • Pay all recurring debts on time, because there is a chance that your credit will be run again before the close of escrow.

The DON'Ts:

  • Open a new credit line.
  • Purchase new furniture or a new automobile (including leasing a vehicle). A car payment on your credit report can greatly reduce your purchasing power on a home. Get the house first, then think about the car later.
  • Transfer funds or change banks without consulting the loan officer first.
  • Put more debt on your credit cards.
  • Change or quit a job without consulting the loan officer first. This will prevent any problems if the lender makes a call before funding begins to make sure that you are still employed by the company listed on the loan application.