Living Kelowna Podcast: Home Sweet Home: 10 Things NOT to Do When Sealing the Deal

Welcome to the latest episode of our podcast, where we dive deep into the intricacies of buying a home. I'm Brandon, your host and a seasoned Kelowna area Realtor. In today's episode, we'll unravel the critical aspects of the home-buying process—expressly, the ten things you should avoid when your offer is accepted until the keys are in your hands. These insights come from my experience as an Accredited Buyer’s Representative with eXp Realty, aiming to ensure a seamless closing for you. So, whether you're a first-time homebuyer or a seasoned pro, these tips are invaluable in navigating the intricate journey of acquiring your dream home.

Highlights:

1. Stability Matters: Changing jobs, becoming self-employed, or quitting your job during this crucial period can jeopardize your closing process.

2. New Wheels Can Wait: Avoid buying a new vehicle, as it could impact your living situation—no one wants to move into their new home on wheels!

3. Credit is King: Maintain a pristine credit record; late payments can affect your credit score, potentially causing issues with your mortgage application.

4. Proof of Funds: Keep your closing funds intact and avoid spending them on non-essential items to ensure a smooth transaction.

5. Full Disclosure: Don't omit any debts or liabilities from your mortgage application; transparency is key.

Key Takeaways:

1. Financial Stability is Key: Stability in employment, spending habits, and financial accounts is crucial during the home-buying process.

2. Credit Health is Non-Negotiable: A healthy credit score is paramount; any negative changes can impact your mortgage approval.

3. Transparent Communication: Full disclosure in your mortgage application is essential; hiding debts or liabilities can have serious consequences.

4. Preserve Closing Funds: Maintain proof of funds for closing and refrain from unnecessary expenditures during this period.

5. Avoid Unnecessary Risks: From major financial decisions to co-signing loans, minimizing risks during this phase is imperative.

Relevant Quotes:

1. "Now is not the time to start that new career of yours or become an Amazon drop shipper."

2. "Don’t end up living in your new car, van, truck, RV, Side by side, or quad—kidding, kind of!"

3. "Maintain the same bank accounts until after you close; changes can complicate the process."

4. "Transparency in your financial history is not just a suggestion; it's a necessity in the mortgage application."

5. "Congratulations on the purchase of your new home; these ten things will help ensure a smooth journey to homeownership."

Listen to the Living in Kelowna Podcast with Brandon Grass on your favourite podcast platform.