Buying a home can be both exciting and nerve-wracking. Avoid these five common mistakes and you will save money, time, and stress.
Buying your first home can be both exciting and nerve-wracking at the same time. With so many things to consider, it is easy to make mistakes that cost you money or even the house. Here are the five Van sees most often — and how to avoid them.
Shopping before you know what you can afford is the fastest way to fall in love with the wrong house. A real pre-approval (not a pre-qualification) means your credit, income and assets have been reviewed, so your offer carries weight with sellers.
That new truck, furniture on a store card, or even co-signing for a relative can change your debt-to-income ratio and sink your approval days before closing. Hold off until the keys are in your hand.
Underwriters have to source every large deposit. Cash deposits, transfers between accounts, and gift funds all need documentation. Keep your funds where they are and talk to Van before moving anything.
Lenders verify employment right before funding. A job change — especially to commission, self-employment, or a probationary role — can delay or derail the loan. If a change is unavoidable, tell your loan officer immediately.
Rate matters, but so do points, lender fees, mortgage insurance, and the loan structure. The lowest advertised rate often comes with the highest fees. Compare the full Loan Estimate, not just the headline number.
The fix for all five: work with one loan officer who tells you the rules up front and stays reachable. That is the Simmons Express.