If this is going to be the year you break out into your own place, you likely want to be sure your path is as clear as possible. First and foremost, buying one’s first home is one of the most exciting – and challenging – life experiences.
To come out ahead, don’t make any of the common mistakes that could put your home-buying experience in peril. The U.S. Farm Bureau (fbfs.com) advises first-timers against doing any of the following leading up to or during your closing:
Don’t Open New Lines of Credit. Taking on new debt, no matter how small, could throw off your debt-to-income ratio — a magic number in mortgage lending — and disqualify you.
Don’t Miss Bill Payments. In the stress of preparing to buy a house, it’s easy to miss a payment, but it could have serious consequences that will make you ineligible for a loan from certain lenders for at least a year, the bureau says.
Don’t Change Jobs. During the mortgage loan process, change — even good change — could set you back. Avoid a change in job status that will cause a lender to question your financial stability.