If you are a first time home buyer please read the following list of the top 10 home buyer questions. In reality, any home buyer or anyone considering buying a home should consider asking the following 10 home buying questions. No matter whether you are buying your first home or you are a repeat buyer – if you have questions make sure you ask them. The last thing you want to have happen is that you have questions and you do not ask them until it is too late. Waiting until after you sign your mortgage documents could mean you get stuck with a mortgage you do not want or may not be able to really afford, or worse.
10 Home Buying Questions Every Home Buyer Should Consider
- Should I avoid telling my underwriter about some of my debt because I think something does not matter?
- Do you need to know if I apply for other credit while I’m in the process of buying a home?
- Is it okay to purchase large items like furniture with my credit cards just before settlement?
- Can I cash in my savings bonds that I’m supposed to be using for down payment?
- Is it a problem if I co-sign for a car loan or some other form of credit for my kids or anyone else?
- I want to change jobs, quit my job, or become self employed will this be a problem?
- Is I okay if I spend some of the money I used to qualify for the mortgage before settlement?
- Will purchasing a new car, van or truck affect my loan approval?
- Will it matter much if I miss a credit card payment, utility payment, or other credit account payment after I am qualified?
- Can I use my credit cards to buy things for my new home before I settle?
The chances are that if you ask your loan officer any of these questions or if you are thinking about doing any of these things above – your loan officer will say that you should not. The key to successfully negotiating the home buying process is to think about your credit, income and finances first before you take any action.
