Homebuyers going through the steps of purchasing a new home can oftentimes be left second-guessing themselves at every twist and turn. To alleviate the self-consciousness and make the entire process as simple and stress-free as possible for you, here are 4 things not to do when buying a house in Ventura County:
Don’t Lie on Loan Applications
Like most homebuyers, chances are likely that you are going to find yourself needing to secure outside financing to make your home purchase possible.
Begin by filling out a home loan application with the mortgage lender of your choice. In order to determine the potential risk involved with approving your loan, the lender is going to do a full background check and thoroughly comb through your credit history.
It is incredibly important that you’re always open and honest with your mortgage lender. If the lender gets the feeling you’re hiding or lying about something, that will be a clear red flag for them moving forward. This could certainly lead to your loan being denied, or result in an approved loan with substantially higher-than-average interest rates.
You’re better off having your loan denied while telling the truth than lying, getting stuck with an astronomical financial burden, and being prosecuted for loan fraud.
Don’t Make Any Big Changes
When a mortgage lender is going through your credit history, they are looking to make sure you are responsible for your finances by paying off any debts while you are obtaining consistent income through employment.
Approximately two months prior to beginning your home search and all the way through closing, you’ll want to do your best to save as much money as possible, reduce expenses, and be as debt-free as you can. Lenders are expecting you to have debt, but they want to ensure it’s manageable based on your current income.
This is also a point in time where you do not want to make any large purchases or incur any new debts. Do your best to avoid moving large sums of money between bank accounts, and refrain from making any adjustments to your job.
Maintaining the status quo is the best thing you can do to gain a lender’s confidence.
Don’t Lose Patience
Anyone who has bought a house can tell you that it can take quite a long time from search to closing.
After you have your bid approved, be prepared for at least a month or two of continued discussions with the seller and inspections. It can be very easy to let impatience and stress get the best of us as we feel we’re stuck waiting on one thing after another. Make sure you remind yourself that this will all be worth it once it’s all said and done, and focus on the more immediate, smaller goals on the way to success.
Keep a cool head and stay in constant communication with your lender, agent, and seller’s agent in order to do everything you can to push the transaction across the finish line.
Don’t Get Overly Attached
Let’s say you found what you feel is your dream home, the seller accepts your bid, and the inspection and appraisal process gets underway. The inspection reveals structural issues that could end up costing an arm and a leg and the appraisal comes back way under the accepted bid price.
Given this negative turn of events, it’s very important that all homebuyers remember they do have the option to walk away and go back to the drawing board when buying a house in Ventura County. It can be extremely difficult to accept this outcome, but it could also save you a ton of money in critical repairs or finding yourself feeling stuck in a mortgage with unfavorable rates if the lender even approved the loan in the first place.
Rather than feel trapped with plan a, always make sure you have a plan b ready to go if things fall through.
Professional Guidance When Buying a House in Ventura County
If you’re considering buying a house in Ventura County and want some professional help, contact us today at (805) 892-6266!