After months of sneaking home searches during work hours, you found your dream home in North County San Diego.  Perfect size, weird carpet (you can change that) and the right neighborhood nearby your favorite community park.  You call your agent to set a time the home and maybe make an offer.  When you arrive, there is already a line of buyers and their agents forming.  The beginning of a classic bidding war.  How do you avoid being a casualty and miss out on THE home? 

The Do’s

  • Get your credit report and know your credit score.  Find any fixable challenges that could boost your score.  It's worth real money.  Higher score means a lower rate and access to more loan programs.
  • Figure out how much for a down payment and where you will get it.  There are strict rules about the source of money you’re able to use for your down payment. Breaking any these rules can sabotage your home purchase goals.
  • Gather your financial documents and be prepared for scrutiny. Pay stubs, tax filings and child support court judgments may all be needed, as well as most every other financial and legal document you have ever had.  Every one.  Fun.
  • Keep your loan consultant in the loop as far as any changes going on with regard to employment, promotions, or money coming into your possession from inheritances, etc.
  • Be prepared for delays during the closing. Financing approval in today's world takes an army of underwriters, processors and government officials.  All need to agree you are a risk worth taking. 

The Don’ts

  • Don’t move money around between accounts, close accounts or open new ones in the weeks leading up to your home purchase. These can shift your financial profile and set your home purchase back or prevent it altogether.
  • Don’t deposit gift money or anything other than payroll checks or regulated support payments into your bank account without letting your loan consultant know first.
  • Don’t take out any loans, including student loans or open new credit cards.
  • Don’t travel before your closing. It’s possible that there may be a request for last minute documents or signings that have to be done quickly.
  • Don’t worry if one loan is not approved. You may qualify for a different kind of loan with different terms. 

Contact the experts at The Lund Team today and get pre-qualified for a home refinancing, or to get financing for a new home purchase in North County San Diego.

Posted by Tyson Lund on

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