If you’re looking to buy a home, first get your pre-approval letter from the bank and complete a financial statement with your broker, suggested Bass, of Citi Habitats. A pre-approval letter “shows that someone’s actually vetted you and looked at your qualifications,” she said, and a financial statement “will really show you, do I qualify for this?”
Pick your attorney well in advance,Buying a home is “a big financial decision, and you don’t want to be rushed and pressured into finding an attorney at the last minute.”
Shop around for the right broker,”Ask around to see what their reputation is in the industry, through friends, and by looking online,” before hiring one, she said. And, “if you’re in a market where there’s a lot of bidding wars going on and you keep losing, that’s a good sign that … it may not be the right fit. Or you’re not listening to the broker.”
If you’re getting frustrated with the spring market because there are many bidding wars or prices are higher than you want, and you can wait, then wait until the late summer and fall, which is slower, historically.
If you’re approved for a major loan, a bank will be skeptical if you immediately spend all your savings on a car, a vacation or even furniture,Banks have gotten stringent with accepting somebody’s application and then they check prior to the closing and the person spent a significant amount of their savings and it raised red flags