Did You Know?
If you want to buy a house in the next 6 months, you should think about getting a PRE- APPROVAL Now!
With Covid19, a lot of the requirements from lenders became a little more strict and they may need more upfront paperwork from you in order to qualify you, especially if you are self-employed. It's great to consult with a lender now so you can not only have a better idea of your budget but also what you are going to get for rates. There may be ways to improve your rate like working on your credit score. This buyer's market is extremely competitive and you want to be as prepared as possible before making an offer. Agents are typically calling lenders in competitive offer situations to make sure the buyer is secure for the purchase and is able to finance the contingencies put forth such as waiving appraisal. Below are some Do's and Dont's to protect your pre-approval. (Information is provided by Guaranteed Rate)
DO:
✅ Stay current on existing accounts
✅ Continue to use your credit as normal
✅ Call your mortgage loan professional first with questions or concerns
DON'T:
🚫Apply for new credit cards
🚫Max out credit cards
🚫Consolidate your debt
🚫Close credit card accounts
🚫Payoff collections or "charge-offs"
🚫Transfer money between accounts
🚫Withdraw of deposit large sums of money
🚫Make career moves
🚫Let bank accounts go in the red
🚫Have a friend or relative pay for anything related to the purchase of the home
🚫Keep your cash in a safe or oversees account
🚫Give your personal information to anyone else who might run your credit report
As always, we're happy to help. Any questions or if you'd like more information, feel free to reach out to us anytime!
Windward & Main Realty Group
978.566.1729
Windward.Main@NEmoves.com