Back to Library

Homebuying Tips

Smart strategies for a smooth transaction.

The "Ten Commandments" of Buying a Home

During the loan process (from application to closing), your financial picture is under a microscope. To avoid denial:

  • DO NOT change jobs, become self-employed, or quit your job.
  • DO NOT buy a car, truck, or van (or you may be living in it!).
  • DO NOT use credit cards excessively or let your accounts fall behind.
  • DO NOT spend money you have set aside for closing.
  • DO NOT originate any new inquiries into your credit.
  • DO NOT make large deposits without checking with your loan officer first.

Understanding Contingencies

Contingencies are clauses in your purchase contract that allow you to walk away with your earnest money deposit if specific conditions aren't met.

Inspection Contingency

Allows you to negotiate repairs or cancel if the home inspection reveals major issues.

Appraisal Contingency

Protects you if the home appraises for less than the purchase price.

Financing Contingency

Protects you if your loan is denied for any reason.