The Do's and Don'ts of home buying

1.Pay all of your bills on time.A late payment can result in a lower credit rating, lowering your chances of being approved for a loan.

2.Don't take out any loans or make big purchases.A big purchase (car loan, new furniture, vacation, etc) can change you income/debt ratio.An increase in debt can reduce the amount of money left over for your mortgage payment, reducing the amount of a loan you will qualify for. 

3.Don't quit your job. It is important to keep the job you had when you applied for the loan.  The day of closing they will check to see if you still have your job.  Without a job the bank will not lend you any money. 

4.Get all of the documents in to your mortgage broker as soon as possible.Delaying the paperwork can cause problems in getting the loan approved on time.

5.Shop for homeowners insurance. Once you have a home under contract, it is good to start shopping around for homeowners insurance.Homeowners insurance is required to be paid in full prior to closing.

6.Keep in mind closing dates are always subject to change.Even though we all like the plan ahead and know our closing date well ahead of time, more often then not something always comes up delaying the closing date.