Assuming you have the financial resources and the desire to eventually buy a home, here are some of the things you should consider not to do before finally making the decision
1. Don't make any other big purchases such as car, expensive furniture, home appliance, jewelries etc. These will change your financial obligations and eventually become issues when determining your ability to qualify for a mortgage .
2. Don't move funds around. If you are moving large amount of funds in and out of your account before making purchase, it will make your loan's underwriting process more complicated as the underwriter will likely to ask for complete paper trail of all banking activities. They may ask you to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which will make things unnecessarily complicated
3. Don't change bank
4. If you are new to the area, make sure you spend some time in the area, get familiar with the area and get a better understanding of your future in this area before making a decision to buy.
5. Be certain about your job and future situation of your employment. The last thing you want is to carry a big mortgage while having to change job.
If you are the first time home buyer, or you bought your last home more than 3 years ago, you should get a consultation from real estate professional, because the market is changing rapidly and you need the most up-to-date information in order to make the right decision, which will save you money, time and hassle.
If you have specific questions about the market condition and would like to know where you stand in this rapid moving housing market in SF Bay Area, fill out the form below:
