General Information - Things to Avoid Doing Before Purchasing a Property



Important Links

Florida Homes

Tampa Real Estate for Sale

Delray Beach Homes for Sale

Boynton Beach Real Estate

Florida Retirement Communities

GL Homes' Communities

The Bridges

Canyon Trails in Boynton Beach

Bay Hill in West Palm Beach

Riverstone in Naples

Valencia Lakes in Tampa

Valencia Reserve in Boynton Beach

Botanica Lakes in Fort Myers

Things to Avoid Doing Before Purchasing a Property

First-time buyers may not be aware of things that could be harmful to their chances of getting approved for a mortgage when purchasing a home. While friends and family members may be able to offer advice, there are some things you should avoid doing in the months leading up to your home search.


First-time buyers may not be aware of things that could be harmful to their chances of getting approved for a mortgage when purchasing a home. While friends and family members may be able to offer advice, there are some things you should avoid doing in the months leading up to your home search.

1. Don't seek out additional lines of credit and financing - Making a major investment, such as buying a car, will likely require you to seek financing. You should avoid doing this within the same year of purchasing a home to avoid getting denied by a potential lender.

2. Don't increase your credit card balances - Swiping your card may seem wiser when trying to build your savings for the down payment and other upfront costs. It's crucial to simultaneously work toward paying down your debt, but avoid closing accounts, as it could result in shortening your credit history.

3. Don't fall behind on your monthly bills - If your credit score and report reveals that you've skipped recent bills or payments to your credit card, they may view you as more of a financial risk, resulting in a higher mortgage rate.

4. Be truthful when applying - Lying on your loan application may not be as obvious as you would think, and providing false information could result in being denied by a prospective lender. Be sure to include all of your debts and other financial obligations and be truthful regarding your income. Upon further inspection of your credit report and confirmation from your place of work could reveal discrepancies.

5. Keep your job and prove stability - While you won't likely be looking for a home if your financial situation wasn't stable and your income wasn't consistent, lenders will likely be most confident providing borrowers with mortgage loans who have been with their current employer long-term.

For consumers interested in new homes for sale in Florida, it's important they know how to move through the process. GL Homes can help consumers know what the latest trends are for homes in Florida so they know exactly what they want in their new home.