Financial Do’s and Don’ts when Buying a Home

Financial Do’s and Don’ts when Buying a Home

Are you thinking of buying a home? If so, check out our lists of financial Do’s and Don’ts to help you prepare!


  • continue to make payments on time for current mortgages, cars, credit cards, etc.

  • keep a paper trail, document, and explain any large or unusual deposits or withdrawals into accounts (checking, savings, stock, etc.).

  • keep pay stubs, bank statements, tax forms, etc., in case the lender needs to update the documentation prior to closing.

  • ask questions if something is unclear about the loan program, fees, and/or loan conditions.

  • let the loan officer or mortgage broker know if anything changes.  For example; employment, income, assets, credit history, etc.

  • document that the earnest money deposit has cleared your account — obtain a copy of the canceled check and/or the statement that reflects the funds have cleared.

  • lock in the interest rate, have the homeowner’s insurance agent information available, and provide updated documentation (pay stubs, bank statements, etc.) in a timely manner so as not to delay the closing.


  • increase credit card balances and/or loan balances.

  • apply for additional or new credit or put balances on a paid credit card.

  • ignore late payment and/or collection notices that are received during the mortgage process.

  • purchase anything that is “same as cash” — it will show on the credit report as a new debt.

  • buy furniture, cars, or appliances on credit until after closing.

  • lend money to family members, friends, etc. if it is needed for closing.

  • store money at home, and place it in a bank account so it can be documented as savings throughout the loan process and can qualify as assets on hand.

  • have overdrafts on a checking account.

  • quit or change jobs during the loan process.

Work With Us

The team at Denise Ramey Real Estate has extensive experience in the local market in Central Virginia and the Charlottesville area, allowing you to enjoy a more simplified process. We handle everything in-house, from the first steps of your search through to the final details of the transaction. We leverage our extensive network to benefit buyers and sellers alike, ensuring that your transaction is as simple as possible.

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*Select images on this website are the property of their respective copyright owner J. Beeler. These images are used for educational, informational, and/or illustrative purposes only.