You're ready to get in on Calgary's crazy home market. Whether you're buying or selling, you see opportunity and excitement ahead. What are some common mistakes to avoid?
It’s time to make a move. You have all the paperwork into the mortgage broker, you may even been pre-approved. You’re set up with a great Realtor who has narrowed down your search to a few very promising listings. You’re already shopping for new furniture online and browsing paint swatches. You’ve worked hard to get yourself into this position, but did you know there are a few bad moves you could make now that could make everything go sideways?
Don’t apply for credit cards or change any accounts.
In fact, don’t change any of your credit accounts PERIOD. Salesmen at every big box store now seem like they are on a mission to get you set up with a credit card or payment scheme of some description in a clever ploy to get you to spend more. As you may already be aware, applying for these does impact your credit score and may not look good to lenders, it’s better to hold off on these at this crucial time. It also goes without saying that this is not the time to accidentally miss any payments.
Don’t buy a new Car
Once again, doing so can be a big red flag to lenders and impact your credit score. If you desperately need a new set of wheels, now’s the time to go hunting for a cheaper used car that you can pay for with cash.
Stop buying furniture.
Buy your furniture AFTER the sale is final. Reasons of credit score and financing aside, we think it’s best if you spend some time in your new house before making any big design choices.
Now is not the time to be out of town. It’s especially not the time to be spending money on travel. It would be unfortunate to miss a crucial phone call or not be driving distance from your broker’s office if something were to come up in the conditions of your sale. Celebrate with a trip, but do it a month or two after things are settled.
Yet another action that can have serious consequences for your lending agreement. Now is not the time to change jobs or careers. Even if your spouse is the primary earner, switching from one part-time or casual job to another is a move best avoided until a later time.
Looking for other advice for the final stretch of your home buying journey? Not feeling at else with the process or your Realtor? We'd love to spend some time getting to know you and your journey.