North Shore Homebuyers: What Not to Do Before Buying a Home

Buying a home on the North Shore is such an exciting time that many get swept up in the thought of moving, decorating and settling into life in a new community. Oftentimes, potential buyers start by browsing properties and moving right into the purchasing process without realizing that there is much preparation involved— months in advance!

Before you meet with a lender and begin shopping for a mortgage, it's time to consider what not to do before you buy a home on Chicago's North Shore. Keep these in mind and your home buying process, coupled with my years of experience, should move along swimmingly this summer:

Keep your credit calm
One of the worst things you can do before buying a home is go credit crazy. Don't purchase all of your furniture until after the closing, do not buy a new car or even boat this summer. Anything being purchased on credit should wait until after your loan closes as these expenses will raise red flags for local lenders.

Keep a paper trail
If you plan to move money around for your down payment, you'll need to keep a paper trail for lenders. The pre-approval process will require them to look deep into your bank statements and accounts and any unusual deposits or withdrawals will require an explanation. Being able to back these up will keep the process moving along.

Do not co-sign on a loan
Even if you'll be pushing off those furniture purchases until after the new home purchase, think twice about co-signing for others. Adding another debt to your credit profile could cause lenders to pause which may not be a risk you want to take this summer. Going to help your child purchase a new car? Just wait until after you buy that new home.

Don't get behind on bills
Of course this is a general rule of thumb, but especially while you're being approved for a mortgage on the North Shore. Just one late payment can tip your credit score in the wrong direction— knocking it as much as 60 points! If that late payment is a mortgage, some lenders will pass altogether!

As your real estate expert in Winnetka, Highland Park, Deerfield, Glencoe and Northbrook, I can share the many ways to prepare yourself for the home buying process this summer. There are many beautiful homes for sale that could be just what you're looking for— let's explore your options together!

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert

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