Things To Avoid When Shopping For A Home

If you want to buy a home there’s some things you should avoid doing ❌ in order to save yourself from a nightmare lending situation. 

🚙 Buying a new car
A new car payment can throw off your pre approval by changing what’s known as your “debt to income ratio.” This is the ratio your lender uses to establish how much you can afford to qualify for. By adding in a new debt, you’ve changed your ratio & can potentially wind up costing yourself your pre approval.

💰Opening new lines of credit/incurring new debt
For the same reasons you don’t want to go out car shopping while house shopping you want to avoid opening new lines of credit or incurring new debt. Yes, that includes that new couch you were eyeing up and thinking about financing. Wait until you have keys in hand to start making any purchases like that.

⏳Quitting your job/changing fields
You lender needs 2 years of employment history *in the same field* not necessarily the same employer - if you’re in a toxic work environment and NEED to leave, find something that is within the same industry/keeps you doing the same job before jumping ship to avoid messing up your pre approval. This one can be tricky, so talk with your lender if a situation arises where you need to change jobs to have them help you navigate that transition to the best of their abilities.

If you want all my tips on home buying click here to download my free home buying guide which covers:

✨All the tips for before you buy a home - saving for your down payment, understanding your credit etc
💰Everything you’ll need to know to apply and qualify for a mortgage & what not to do once you get pre approved
🏡 What to expect when you’re out shopping for a home
📝 The transaction process - everything from submitting an offer to closing day

Lindsay Carroll, REALTOR ®
NV # S.186885 | Real Broker, LLC