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Buying a Home? Avoid these Financial Pitfalls

Posted on July 31, 2014

iStock_000020499093Medium-347x459If you are in the market to buy a home for sale in Destin, South Walton or in one of the surrounding areas you have probably done your research and saved enough for that dreaded down payment. Congratulations are in order as this can be a challenge in itself, but unfortunately it will take a more than a down payment to receive financing on your home.

These “things” can often complicate your prospects of buying a home long before you even begin to look for one. However there is a key to avoiding these common missteps and as always, it relies in knowledge.

First, avoid letting your credit score drop. Your credit score directly impacts your ability to get a home loan in addition to the type of loan and interest rate you qualify. Consumer debt is another big ticket item as it accounts for 35% of your credit score. This can include late payments and accounts in collection.

If possible avoid shopping sprees with cash and credit alike. Lenders check bank statements for unusually large deposits and withdrawals that have potential raise red flags.

Once your credit is nurtured and you are ready to start looking for a home contact a lender and agent with experience. RE/MAX Southern recommends Brian Robinson with PrimeLending to help you the find loan options that will fit your individual needs.

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