Whether you’re saving up your money for a down payment on a new home in Hillsborough County, Pinellas County or Pasco County, there are a few financial secrets you’ll need to know to make sure that you’re on the right track.
Keep Your Money
Don’t spend big bucks on a new car, a furniture set or anything else that could impact your credit in the months leading up to your new home purchase.
Anything that could affect your credit profile may affect your chances of securing financing, so it’s best if you steer clear of large purchases until you’re already moved into your new home.
What Do Lenders Want to See?
Lenders want to see that you have a strong credit profile before they’ll approve you for a major purchase, but they also want to see that you don’t really use credit much. That ensures lenders that you won’t rack up debt you can’t handle.
You should avoid:
- Opening new credit cards
- Amassing debt on your existing cards
- Buying big-ticket items
Before you begin house-shopping, it’s a good idea to get loan preapproval.
Preapproval and prequalification are two different things. When a lender prequalifies you, they’re simply saying that you will probably qualify for a loan based on the information you’ve given them.
Preapproval is an entirely different process. During the preapproval process, the lender looks at all of your financials and checked your credit – and they’ll let you know how much money they’ll lend you based on your current circumstances.
If you’re preapproved, you’ll save a lot of time and energy (and you won’t be looking at houses you can’t afford). Another perk: sellers will take your offers more seriously.
Are You Looking for a Home for Sale in Tampa?
We can help you find the home of your dreams in Tampa Bay.
Call us at 727-584-8480 or 813-961-6000. You can also contact us online. We’ll begin searching for homes that meet your criteria right away.