The Do’s & Don’ts of Purchasing a Home

Here is a list of Do’s & Don’ts to keep in mind when you’re in the process of purchasing a home!

DO Keep in Mind Payment Affordability

Avoid payment shock by establishing a budget for your monthly payment that feels comfortable and be sure to keep in mind other monthly liabilities such as car payments, credit cards and utilities.

DO Keep All Pay Stubs and Bank Statements

Keep track of important documentation such as pay stubs, bank statements, tax documents, employment verification etc. During the home purchasing process, documentation is king! To avoid delays, talk to your home consultant in advance to understand what documents will be needed during the process.

DO Notify Your Home Consultant of Any Income Changes

Rule of thumb when purchasing your home: Your home consultant is your best friend! Notify them of any income or employment change immediately. Some changes can be deal breakers in this process so be sure to have open communication with them.

DON’T Change Jobs or Employers

Your pre-approval will be determined by the debt-to-income Ratio (DTI) . For this reason, it is very important to avoid making changes to your income. Employment verification and pay stubs will be required and changing employers or quitting your job can cause major delays in the process.

DON’T Apply for New Credit

Don’t make any changes on your credit. It is critical to maintain the same credit score between the moment you are approved and the moment you are finally closing on your home. Avoid making any credit inquiries or co-signing credit lines during this time!

DON’T Make Major Purchases

Major purchases on credit can drastically change your debt-to-income ratio. A high DTI can cause your loan to be denied. Major purchases can include furniture, cars, or appliances. Talk to your home consultant if you have any questions about major purchases.

If you have any questions about the process of purchasing a home with Roberts Communities, please contact one our home consultants today!