If you plan on making moves in the upcoming year here are a few things to NOT do in the next couple months to make your home mortgage approval much less complicated:
1- DO NOT max out your credit cards holiday shopping.
2- DO NOT make any large purchases such as a new car, boat or financing furniture.
3- DO NOT avoid paying your taxes. Your lender will ask for TWO YEARS of tax history for approval.
4- DO NOT quit (or change) your job. Paystubs will also be asked for when deciding your approval.
5- DO NOT close any lines of credit.
6- DO NOT move deposit or withdrawal large amounts of cash.
What should you be doing?
1- Monitoring your credit and taking steps to increase your score steadily.
2- Understand your own budget. Sometimes your approval rate is more than you can actually afford.
3- Use debit or cash for all purchases whenever possible.
4- Have your taxes ready to file soon after the New Year.
5- Choose a lender and begin the pre-approval process.
6- Find a real estate agent you trust and start the conversation.
By starting ahead and planning your move you will be doing yourself a huge favor. Buying a home in Charleston, whether your first or your tenth, CAN BE a huge headache. Take the time to be prepared. If you KNOW that 2022 is your year to find a new home in the Lowcountry start the steps now and give me a call. I’d love to discuss your wants for your next home.
Let’s make it a great 2022 Charleston!