Things to avoid before buying or refinancing a home

Many new homebuyers make the mistake of rushing out to buy things to fill their home with as soon as the seller accepts their purchase offer and the lender pre-approves their loan. But there are still a few major hurdles to overcome before the keys are handed out. Here are some things to keep in mind during the home buying process to assure your transaction goes as smoothly as possible:

- DO continue making your mortgage or rent payments

- DO stay current on all existing accounts

- DO keep working at your current employer

- DO keep your same insurance company

- DO continue living at your current residence

- DO continue to use your credit as normal

- DO call your Mortgage Advisor in White Bear Lake if you have any questions ...651-484-1474

- DO provide your lender with required documentation ASAP

- DON’T disregard your lender requirements

- DON’T make a major purchase (car, boat, fur, jewelry, etc.)

- DON’T apply for new credit (even if you seem pre-approved)

- DON’T open a new credit card

- DON’T transfer any balances from one account to another

- DON’T pay off charge offs without a discussion with us first

- DON’T pay off collections without a discussion with us first

- DON’T buy any furniture

- DON’T close any credit card accounts

- DON’T change bank accounts

- DON’T max out or over charge on your credit card accounts

- DON’T consolidate your debt onto 1 or 2 credit cards

- DON’T take out a new loan

- DON’T start any home improvement projects

- DON’T finance any elective medical procedure

- DON’T open a new cellular phone account

- DON’T join a new fitness club

- DON’T pay off any loans or credit cards without discussing it with us

- DON’T give earnest money checks directly to the seller in a FSBO purchase

If you encounter a special situation, it is best to mention it to your Summit Mortgage loan officer right away so we can help you determine the best way to achieve your goals.