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.