Here are some things to keep in mind when buying a home that will help you avoid making a mistake in the process.
Buying your first home can be a great challenge if you do not know the world of real estate, therefore, it is important that you seek the help of a real estate agent and that you follow these tips for first home buyers, so your transaction will be a success.
1. What not to do before buying a home?
- Don’t stop paying your debts
- Avoid changing jobs
- Do not make financial changes before the credit pre-approval
- Avoid buying furniture and items for your home
- Do not change your financial institution
- Avoid requesting new credits
- Do not use the money for notarial expenses
- Avoid participating in another mortgage loan
- Don’t overdo it
- Avoid overinvesting in your home
2. Don’t stop paying your debts
Among the main aspects to take into account when buying a house is paying your debts on departmental cards or credit cards on the cut-off date and not delaying any payment, so your reputation in the credit bureau will not be affected.
Banks, Infonavit and Fovissste will review your credit history before granting you a mortgage loan and will be reluctant to give you a loan if you appear as delinquent in the credit bureau.
3. Avoid changing jobs
A very common mistake that people make during the buying and selling process is to resign or change jobs without knowing that this will affect the number of Infonavit points they have accumulated or their rating before the bank.
Among the main tips before buying a house is that you stay in the same job during the buying and selling process, financial institutions review job stability to grant a loan.
Likewise, the owner or the real estate agency will confirm that you are currently working and will analyze if you are a candidate to buy the property.
If unfortunately you are fired and you do not have other means to solve the debt that you are about to acquire, we advise you to cancel your mortgage loan application. Do not be discouraged, you can request another loan as soon as you join a new job. The important thing is not to commit to paying amounts that you will not be able to cover later.
4. Do not make financial changes before the credit pre-approval
Another of the tips for first home buyers that you should consider is to have your finances in order and not make any movement in your bank before having the pre-approval of the mortgage loan.
Do not make the mistake of changing your account money or making exuberant bank deposits, since your financial institution has the right to require you to explain the reasons why you are moving your income. Avoid looking like a person who is in the business of committing mortgage fraud.
Money that appears suddenly generates mistrust, therefore, it is important to be as transparent as possible. Keep your money in the same account for at least two months, this will show that you are a stable candidate and that you will be able to pay the mortgage payments.
5. Avoid buying furniture and items for your home
Although you may have already chosen your ideal home and are visualizing yourself sharing good times with your family in the dining room or watching a movie in your bedroom, we advise you to wait before buying the furniture.
Unforeseen events happen and you don’t want to have furniture left in a warehouse because, in the end, you didn’t buy the house you had in mind. In addition, in the worst case, that furniture may not suit the new home you choose.
Consider that any expense, without first having the mortgage credit authorized, will affect the amount of money you have available for the down payment on the house or the credit limit assigned to you.
