Wednesday, April 8, 2015

Do’s and Don’ts after Lexington Homebuyer Preapproval

When ready to buy a Lexington, MA home, getting preapproved is an important step in today’s home-buying process. Most home sellers won’t even consider you as a buyer if you aren’t preapproved. So as your Lexington real estate agent, I recommend finding a lender to work with and getting preapproved before beginning to search for a Lexington home!

Once you are preapproved, there are still financial decisions you should and shouldn’t make during the time between the preapproval and the closing on your Lexington home. To help you out, here’s a summary from Inman News of things to do:
  • Do respond to your loan officers’ requests for documentations as soon as you can.
  • Do make decisions quickly during the home-buying process. The market is very active right now!
  • Do ask questions and voice concerns you have.
  • Do make all your rent or mortgage payments on time, and pay all your bills on time!
  • Do continue to work as you normally would and don’t take any significant time off.
  • Do continue to use your credit as normal and stay current on existing accounts.
  • Do enjoy the process of buying a home, and find a Lexington real estate agent to help you remain objective with your home-buying decisions.
Now that you know what you should do during the home-buyingprocess, are you now wondering what you shouldn’t do? Here is a list of don’ts:
  • Don’t make any major purchases while waiting to close on a home. This includes a car, boat, jewelry, vacations, furniture and accessories.
  • Don’t apply for new credit, even if you are preapproved for it.
  • Don’t pay off charges or collections unless your loan officer told you to do so. Ask them questions if you have any.
  • Don’t make changes to your credit profile after meeting with a loan officer and getting preapproved.
  • Don’t change bank accounts or move any significant amounts of money around without talking to your loan officer about it first.
  • Don’t make unusual deposits to your bank account. If you happen to come into some unexpected money, plan to explain where it came from.
Follow these simple rules and your closing should go as quickly and smoothly as possible! 

As for the rest of the home-buying process in the Lexington real estate market, I am here to help! As your Lexington real estate agent, I can help you search for a home, visit homes, negotiate with home sellers and close on the Lexington home of your dreams.

Mortgage rates are still low right now, and rents are rising at a fast pace. Don’t wait to buy a Lexington home! Contact me as soon as you’re ready to get started!

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