Our Online Concierge Lizette Gonzalez shares her insight on navigating the emotional voyage as a first time home buyer building a new homes
I can remember vividly the first time I bought my first home. The excitement of walking into a Model Home, looking around at all the beautiful options, and realizing: “This is going to be our new home”! We wrote the check for the Earnest Money Deposit (a/k/an EMD) and signed the contract. WOW! it was exhilarating! After my husband and I, along with our children left, the reality hit! Bang! We are going to own our first home! All the emotions of achieving the American Dream flooded us, we cried, we laughed. We began talking about furniture, who gets which room, and so on.
Along with the happiness and excitement came the FEAR of home ownership. The doubt: Did we choose the right floor plan? And, most importantly, can we afford this major life changing purchase? I can tell you, it was an emotional roller coaster, one minute we were excited the next we were plagued with the unknown. However, through all those emotions, as we watched our new home being built and coming to life we knew we had made the right decision for ourselves, our children and our future. At Focus Homes we thrive to make your dreams of owning your first new home come true.
Now, when purchasing a new home, there are a few golden rules we like to call “The Commandments of Home Purchasing Do’s and Don’t Before Closing”. If you follow these simple commandments and stay focused on the grand prize, I promise you, you will have a great experience.
So, here we go! Although they sound easy enough to abide, lots of first time homeowners do not realize the major impacts that can compromise the closing of your new home.
- Do not stop paying your rent
- Do not cancel your lease until you have a loan commitment
- Do not make any late payments on credit cards, car loans or anything that can be reported on your credit report
- Do not apply for new credit cards including department store credit cards
- Do not make any large purchases with credit or cash such as appliances for your new home.
- Do not purchase a new vehicle
- Do not co-sign for anyone needing credit (this will affect your credit score tremendously and also your Debt to Income Ratio (a/k/a DTI)
- Do not pay off your credit, unless your lender tells you to
- Do not transfer any balances on your credit cards or bank accounts
- DO NOT QUIT YOUR JOB
- If you will be receiving Gift Funds for the purpose of of purchasing your new home, they must be in the form of a certified check or cashier’s check
- Provide ALL information requested by your Lender ASAP
- All collections, if instructed by your lender must be paid off
- Notify your lender of any changes in your situation immediately
- Shop and obtain Home Insurance
The week before your closing, make sure to contact your cable, internet and utility companies and schedule a time and date to turn them on. Contact your movers and schedule a pick up date. I always find that creating a To Do list helps keep you on track and organized. As you complete a task you can cross it off your list and move on to the next one without panicking and wondering if you forgot something.
The worst feeling is not knowing, so keep an open communication with your New Home Specialist on the progress of the construction (if building) of your new home, and stay in communication with your lender. With all this in mind, your new home purchase can be a rewarding experience.
Now that you have all this information, shop our website at FOCUSHOMES.COM and familiarize yourself with our floor plans and let us help you find your new home.
HAPPY HOME BUYING!