DO’S AND DON’TS

THINGS YOU MUST KNOW WHEN PURCHASING A HOME!

Whether you are Taking the Florida Plunge or buying a house across the street, listed below are a few Do’s and Don’ts when buying a home.

DON’T                                                DO

DON’T quit your job or change jobs                       DO keep ALL payments current. Cars,
DON’T buy anything BIG! No cars, or                    department  stores, student loans
boats, no additional dept.                                       DO file your Fed. Tax returns 4-6 weeks
DON’T apply for credit, ANYWHERE                     before being able to us that qualifying
DON’T co-sign for ANYONE                                  taxable income
DON’T change bank accounts or transfer              DO have all funds needed for this loan
$$ between existing bank accounts. If you             in a seasoned account 60-90 days or
must (i.e.: CD matures), contact your lender          coming from an eligible seasoned
DON’T deposit cash into any accounts.  All           source: gift from donor, sale of property
deposits must have a paper trail.                            (boat, car). All $$ must be fully paper
DON’T have any non sufficient funds (NSF’s)         trail.
or overdrafts on your bank statement.                    DO paper trail.  ALL non payroll check
DON’T purchase any other real estate or               deposits for each bank statement.
land.                                                                        DO save the difference between your
DON’T allow anyone to make an inquiry on           current mortgage or rent and antici-
your credit report.                                                    pated mortgage expense each month
DON’T throw away any new income or                   and show that amount being deposited
asset docs.  Keep everything handy.                       in to your account. This shows that you
DON’T plan on moving on a certain date!               have assumed the responsibiity and
Timelines are not exact – things happen.                there will be no sticker shock.
DON’T be afraid to ask questions!                          DO send updated docs as receive them.

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DO  BE  EXCITED!

I hope you find this list helpful and if you have any questions, please don’t hesitate to drop a comment below.  Also, be sure to follow Taking the Florida Plunge on Facebook and/or Twitter for more Florida Plunge tips and tricks.

Mariana Wartella
Broker – Associate
Relocation Specialist
Chamberlain Realty
570.283.1929
WartellaM@Gmail.com