The home buying process can be tricky at times. There are definitely some things you need to avoid during this process. I have seen all kinds of nightmares because someone did not listen to their loan officer. I will give some you exactly what not do in this articles so your loan and credit score is not affected.

Late payments
During the home buying process make absolute sure you are not late on anything. If you have a late payment on anything that reports to your credit report your credit score will be affected. In return an underwriter will see this and your loan could be dead as a result. Late payments on any obligations that reports to your credit report will drop your score between 100 to 150 points. “Don’t be late on anything.”

Don’t buy anything on Credit
While you are going through the home buying process you don’t want to take on anymore debt, this could affect your loan. That means don’t go out and put furniture on credit for your new home until you have closed and funded on the loan. Don’t put anything on credit period.

Don’t co-sign on a loan for anyone
While you are in the process of getting a loan, don’t co-sign on any note. This could cause your loan to get denied. When you co-sign on a loan, then you are equally responsible for the new obligation. This could lower your credit score, and also cause income to debt ratio problems as well.

Don’t quit your JOB
Ok, you might think this is a joke, but we have actually had borrowers quit their job thinking we would not find out. Well, guess what we will. Don’t quit your job during the home buying process; underwriters do last minute job verifications before loan documents go out to the title company for a closing.

I hope this has been advice you got prior to doing any of the above. You could definitely have some major problems. Maybe you have not even started the loan process, and this will be good advice for you. What ever your situation is, make sure you are on top of your credit report and scores. Your credit scores could be affected by any of the topics discussed in the article.

CreditScoreQuick.com

Buying a home is the single biggest purchase you will ever make. Surely you want to make sure it s a smooth process. We are a society that likes to touch and feel. Kind of like trying to buy a car, you want to take it for a test spin before you buy. Unfortunately that is not the way it works in the real estate arena. You will find that most “seasoned real estate” professionals will not jump in their car to show you a home until you have secured financing with at reputable lender. With the current credit crunch and liquidity problems with banks, you better make darn sure you can secure financing. Even individuals with good credit are having issues getting financing secured. Here are the steps to follow:

Get Pre-Approved not Pre-qualified.
Getting pre-approved means you have a lender verify all documents to support the loan approval. Most lenders will run you loan through a automated engine. Once everything is verified and ran through either Fannie Mae or Freddie Mac engine you should be approved at that time.Pre-qualfied means that someone has taken your information over the phone and has not verified anything other than your credit report. This type of approval does not mean jack hill of beans.

Meet with your lender whom has approved you.
This is an important part of the process, so there is no misunderstanding on loan terms. Make sure you understand your payment interest rate etc………..

Find a reputable and seasoned Realtor.
Finding a seasoned reputable Realtor is so important; the reason is they need to understand the current market, and what to look out for on your behalf. A Realtor job is to look out for your best interest. Once you have been pre-approved, then the Realtor will have a better understand as too what type of negotiation process to start on a home.

This process is the best way to assure your home buying process is as smooth as possible. I am sure you hear of the nightmares out there, typically this is because the proper process in not followed. The end result is not good one. Lenders are looking at your credit scores very close now. Make sure before you start the process you pull a current copy of your credit report. That way you already have a idea where you stand.