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10 Must Nots When Buying A Home

Congratulations on getting your offer accepted! But wait, the home-buying process doesn't end there. In fact, things are about to get serious because if you're not careful, that dream home can quickly turn into a missed opportunity.

Hi, I'm Denise Watkins with the Watkins Team RE, and in this video, I'm going to share with you 10 things you should not do after your offer is accepted to avoid any issues that could potentially derail your home purchase.

1. Don't change jobs, become self-employed, or quit your job. Any changes in employment have the potential to disqualify you for the loan you were pre-approved for.

2. Don't buy a new car, van, or truck. It may seem like a harmless purchase, but it can actually impact your credit score and debt-to-income ratio, which could result in your loan being declined. I once had a client who almost lost his deposit after buying a new Mercedes Benz a month before closing. His credit score increased, but his debt-to-income was impacted, and his lender declined the loan. Thankfully, we were able to find a new lender, but he had to pay a lot more money to buy down the interest rate.

3. Don't use any charge cards or let your accounts fall behind. This could also negatively affect your credit score and impact your ability to get the loan you were pre-approved for.

4. Don't spend any money you've set aside for closing. Closing costs can add up, so it's important to have the funds available when you need them.

5. Don't omit any debt or liabilities from your loan application. It's important to be transparent about your financial situation to avoid any surprises during the underwriting process.

6. Don't buy any furniture, even if the payment is deferred until closing. This may increase your debt-to-income ratio and impact your ability to get the loan you were pre-approved for.

7. Don't allow any additional inquiries on your credit except for insurance purposes. Too many inquiries can lower your credit score and impact your ability to get the loan you were pre-approved for.

8. Don't make any large deposits or take out any large loans without first checking with your lender or agent. Your lender needs to be able to verify the source of any large deposits to ensure that they are not coming from an undisclosed loan.

9. Don't change bank accounts. This can make it difficult for your lender to verify your financial information and delay the underwriting process.

10. Don't co-sign on a loan for anyone, no matter what. If you have already co-signed for anyone, be sure to tell your lender because that debt will count against you and needs to be accounted for when getting approved.


Following these 10 things will help make the home-buying process smoother and increase the chances of successfully closing on your new home.

If you need any help or information, don't hesitate to give the Watkins Team RE a call. We'll guide you through the entire home-buying process, from start to finish. Remember, Where There's a Watkins, There's A Way!


Denise & Reginald
Watkins TEAM RE

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