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What Not to Do Before Buying a Home

  • No Major Purchases
    Don't purchase any large items such as cars, appliances, furniture etc. that would contribute to debt. Excess debt could hinder your ability to get a mortgage with a good interest rate or a mortgage at all.

  • Don't Move Money Around
    When you are under review for a mortgage, the lender will look at checking and savings account statements for the last couple of months as well as statements from money market funds, certificates of deposit, stock statements, mutual funds, 401K, and retirement accounts. If you move money around among these accounts, you will have to provide a paper trail to the lender, which may make it more difficult for yourself and the lender. It is probably not a good idea to change banks either, that is where your savings and checking accounts are located.

  • Don't Change Jobs
    Most lenders like to see a person that has been in the same job for about 2 years. Someone who changes employment frequently may seem to be a risk for the lender because there is a higher probability that they will out of work and unable to make the monthly payments on the mortgage. This doesn't apply to promotions within the same company; that could have a positive affect on obtaining a mortgage.

Keller Williams real estate agency serving Madison and the southern Wisconsin area

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Nataliya Flannery
My Cell Phone: (608) 219-8014
My Fax Number: (608) 831-0825
My Email: natflannery@kw.com
Alternate Website: Keller Williams
Keller Williams-West Madison:
3 Point Place
Madison, WI 53719
Last Updated: April 9, 2007 All information copyright madison-real-estate.net 2005, Webmaster