4 Mistakes To Avoid When Buying A House
Buying a new home in an exciting time! But sometimes, we get too caught up in the excitement and forget about certain things we shouldn’t do – certain things than may jeopardize getting our new dream homes. Here are some mistakes you should avoid if you’re buying a new house.
Don’t Quit Or Change Jobs
When applying for a mortgage, you’ll most likely get a larger one if you have a stable job. If you very recently got a new job, or are in the process of switching jobs, you’ll probably have a three month probation period, which means your job is potentially at risk. Banks don’t like giving mortgages to people who may not be able to pay them, so it’s best to wait until your career stabilizes to buy a new home.
Don’t Apply For A New Credit Card
Applying for a new credit card can negatively affect your credit score, and banks are typically and understandingly not in favour or giving a large mortgage to someone with bad credit. There’s no guarantee that applying for credit card will lower your credit score, but it’s better to be safe than sorry, so hold off that credit card for a little while longer, if you can.
Don’t Buy A New Car
A new car is a fairly big investment, and like a house, a lot of your income will go towards that car. For most people, buying both a new car and a new home around the same time is near impossible. Purchasing a new car can also take a negative toll on your credit score. Ultimately, whether it’s new house or a new car, the choice is yours, but consider how one will affect the other.
Don’t Spend All Your Money
As I mentioned before, it’s very easy to get caught up in the excitement of buying a new house and all the upgrades and other fun things that come with buying a new house. That being said, remember not to spend all your money on a house. You’ll want to save some of your cash to live comfortably. After all, what good is living in an unfurnished house?
Do you live in Brampton and are thinking of selling your home? Are you considering buying a house in Brampton? If so, call Brampton real estate agent Tony Francis today, because Tony Knows Brampton!