First Home Equity Loans

You’ve been pre-approved for your mortgage, and you’re just waiting on that magical closing date when you can get the keys and move into your dream house. Let’s avoid these Home Buyer Mistakes!

It is great to be in the home stretch and it feels good for sure. There are a few things that can still go wrong or cause delays. Our Team at First Home Equity Loans want to help you take steps. To make sure your closing goes off without a hitch and avoid these home buyer mistakes.

Maintain Your Income Stream 

Your employment status and monthly income helped you qualify for a loan in the first place. Adjusting or reducing your hours and income by working fewer hours or even eliminating overtime hours could delay your loan or disqualify you altogether. Be sure to stay consistent with your income generation.

Unforeseen or Unknown Extra Costs

The down payment and closing costs aren’t the only payments you’ll make. You’ll also need upfront funds for moving expenses, furniture and other miscellaneous costs – and once you move in, potential maintenance and repairs.

Making Large Purchases

It can be tempting to buy home decor or a new couch while you wait to close, but this can put your loan in jeopardy — especially if you take out a loan or use a credit card. Your finances (and credit report) should remain as steady as possible in the weeks leading up to your closing date.

Depositing Huge Sums

All of the money coming in and out of your bank accounts will be scrutinized, and if there are large deposits on your statement, you’ll need to have an explanation. Try to avoid any significant financial changes that could threaten your home purchase.

If you’re ready to search for a new home and want help staying on track during your mortgage process, please reach out today.

Connect with Ted Smith who oversees our Florida office.

Ted Smith | Mobile: 904-687-4635
St. Augustine, Florida