During the home buying process, ill-advised mistakes can either slow or completely derail the success of your purchase. Here are six particularly costly mistakes to avoid: 

1. Quitting your job. Interruptions to your employment situation will raise major red flags in the eyes of your lender. If you switch jobs right in the middle of the purchase process, you’ll make it hard for them to help you reach a successful closing. Unless circumstances dictate otherwise, stick with your current job at least until you’re in your new home. 

2. Leasing or buying a vehicle. Doing either is a great way to disrupt your credit and cash. If you plan on getting a new vehicle, again, practice a little patience and hold off until after you’ve gone through closing. 

3. Making big purchases. You’re probably noticing a theme here: Don’t do this while your lender is working on your loan! It’s best to leave your credit cards alone and pay them down only as much as your lender advises. 

4. Using the money set aside for points or closing costs. You might say to yourself, “I’ll just use it now and put it back before closing,” but like your credit cards, you’re much better off leaving these funds alone. 

“You don’t want to get all the way to your closing date only to have a big surprise waiting for you.”

5. Omitting any liabilities. It won’t do you any good to conceal liabilities or unrelated financial obligations (i.e., child support, a past-due loan, etc.) from your lender. You can be sure they’ll find out sooner or later so if, for whatever reason, your debts aren’t showing up on your credit report, look into that and be forthcoming. You don’t want to get all the way to your closing date only to have a big surprise waiting for you.    

6. Buying furniture or appliances. Like a few others on this list, it probably goes without saying, but don’t go out furniture shopping. I can’t tell you how many transactions I’ve been involved with where the buyer went on a furniture-shopping frenzy and, in turn, doomed the deal.   

The home buying process can be long and complex, so it’s easy to forget that patience is incredibly important every step of the way. Ultimately, it’s a good idea to put most of your money in a deep freeze until your purchase is complete.  

If you have any questions or would like help buying or selling a home, please don’t hesitate to reach out to us. We look forward to speaking with you!