Those common mistakes can lead you to lose the house of your dreams!

 

Earlier this year, I have received the email from the customer who is looking to buy a house. 

TIP! Before to start working with the realtor or even look up for your dream home I am strongly recommend this- contact the bank and speak with your mortgage agent. Why? You have to get a pre-qualification notice from the lender that you can afford the house of your dreams. 

A week later, we scheduled the appointment for showing the home that was on the desirable area for the customer. I noticed they were driving a 2021 brand-new car. “You got a new car?” I queried. The husband and wife are proudly proclaimed, “Oh yes, because we are going to have a garage, we bought a car to go in it.” 

At this moment, this couple has lost the house of their dreams. Their new car purchase pushed their debt ratio over the limit, and they no longer qualified for the mortgage required to purchase this home. 

So, what we can learn from this story? Before you begin looking for homes don’t make those mistakes like: 

-ž– Don’t apply for new credit cards, you may run the risk of immediately losing points on your credit score. 

-ž– Don’t make any large purchases. Even the new furniture for the new house. All you need is to stay calm and wait until you get the house. 

-ž– Don’t close credit card accounts. If you close credit accounts, it might appear that your debt ratio has gone up. 

It’s hard enough to get into contract these days due to the low house inventory. Just stay calm and contact me for the house hunting in Schaumburg , Hoffman Estate, Palatine , Barrington, Hanoever Park, Arlington Heights or Western Suburbs!