Have you been pre-approved and are ready to start your home search? In this video, I’m going to share 5 things not to do once you start shopping for your new home. As a mortgage advisor, my number one recommended advice is to make sure that you don’t start shopping until you know exactly where you stand, what works for your budget, and what you’re approved for.
Once you get your preapproval—hopefully with our $5,000 guarantee—it’s time to start shopping. As part of our Client For Life Experience, we’re going to make sure that you know what not to do once you start shopping for your home. I promise you that these tips are going to make your shopping experience substantially better if you follow them first. When you do start shopping, we want to let you know that we work with some amazing realtors. Depending on the area that you’re shopping in, we’d love to set you up with one.
As you begin to see properties, you’ll start understanding what you get for your money. It’s during this shopping process that you’ll really understand what’s most important to you. Many buyers end up buying a home opposite of what they thought they were going to after they start shopping. I know that happened to me on my most recent home purchase. By following these 5 tips, you’ll keep an open mind and choose the home that’s best for you.
#1: Don’t Fall In Love With The House
It’s best not to fall in love with a house before considering whether it’s practical for you. You could end up buying the first home that you see, but make sure that you’re making a rational decision that aligns with your financial goals. You also want to make sure the house would work best for you and your family. Additionally, you want to make sure you have representation.
As a buyer, the seller of the home pays the commissions. You’re much better served to have your own realtor and your own representation so the listing agent doesn’t play on your emotions. Again, if you need a referral to an awesome realtor, we have someone who can help you.
#2: Don’t Lose Control
It’s important to remember that you are choosing your house. Your mom, dad, brother, sister, and uncle all have great advice. However, this is the house that you’re going to live in for a substantial time. Trust your gut on what’s best for you and make sure that you buy the house that you want, not the house that someone else wants for you.
#3: Don’t Be Indecisive
Indecisiveness can be one of your worst enemies. Make sure that if you’re having some questions about a house, you sit down and go over the pros and cons. Is this the right home for you? Is this the right price? Is this the right location? Does it have the right amenities? You may need to reevaluate your priorities depending on the answers. If you’re not sure this is your forever home, ask your realtor, “Mr. or Mrs. Realtor, are you going to be okay selling this house for me in five years if I find the need to move on?”
#4: Don’t Rush
One thing that’s a major don’t is falling prey to bad timing. I want everybody who wants to own a home to become a homeowner, but sometimes it just may not be the right time. So don’t rush into a decision just to rush into a decision. Make sure that it aligns with your financial goals and that you’ve talked to a mortgage advisor. We make sure that the debts that you have will work well to set you up for success. If you have a financial advisor, talk to them and get us both talking to each other. Again, we’ll make sure that you’re set up for success. We want this to be a home that you can live in and enjoy without it becoming a burden.
#5: Don’t Use Credit
This one is important: do not use your credit after you’ve been pre-approved for a loan—especially without talking to your mortgage advisor. I can’t tell you the number of times that someone’s gotten pre-approved for a loan and we’ve said, “Hey, don’t use your credit. Don’t charge anything. Don’t go buy a new car.” And then they think, “Hey, I’m pre-approved. They don’t need to check anything in the future.” That is not true. We absolutely do have to check everything in the future. We also have to do a check on your credit report a few days before you close.
So if you go and buy a Ferrari that has a $1,000 payment on it, you may or may not be able to qualify for your house. Even if you just buy a nice, simple Toyota with a few hundred dollars payment—or you’re going to the furniture store to buy some nice new pieces to put in this beautiful new home of yours—do not allow them to pull your credit. Don’t purchase anything on credit until after you have closed. And if you must, please, please, please talk to us first. Even if you qualify, it can affect your closing and hold up the process of getting you into your new house.
Working With A Mortgage Advisor
I hope this has helped you understand some of the things you should not do once you start your home search—and after you’ve been pre-approved. When you work with a mortgage advisor, we’re always a few clicks or a phone call away to help you out. If you have any questions, feel free to reach out to us. We can’t wait to help you!
Call the SeanZ Team
The Sean Zalmanoff Mortgage Team specializes in making the home purchase or refinance process a great experience.