The Buying Process

How Buying a Home Affects Your Credit Score

If you've never thought about your credit score in the past, then start now. This one number doesn't just strongly influence credit cards and loans; it also determines whether or not you will be forced to pay things like utility deposits and insurance coverage. Although some home shoppers might not know it, the home purchasing process will often cause serious fluctuations in their score in both the short and long term. Keep reading to learn about the changes you should expect to see as you go through the steps of applying for a mortgage, purchasing a home, and making payments.

Moving To Your New Home

You will begin to prepare for moving day prior to the closing. The date of possession will be in your sales contract. Make sure to coordinate the date and time of your move with the seller if the move falls on the same day.

No matter how many times you have moved, it is never easy. However, you can take certain organizational measures to ensure that your move is as smooth as possible.

Prior to moving, create a simple record-keeping system with a checklist and a schedule. Keep detailed records of your expenses—they may be tax deductible. The more prepared you are, the fewer surprises await you on moving day, so stay on schedule.

A short to-do list prior to the move might include:

#9 Closing on Your New Home

The day has arrived for the final step in buying your home—the closing. The closing, also known as the settlement or escrow, in simplest terms is when money is taken in from the buyer and paid out to the seller. Ownership is transferred to you. The closing can take place in person or by mail and is handled by the real estate company or a title company.

You may be entitled to perform a walk-though of your home prior to the closing, depending in what state you reside. You should not close unless all of the items that have been agreed upon are completed and you are entirely satisfied.

Suburban Realty Professionals  ♦  Princeton Office  ♦  96 Wall Street  ♦  Princeton, NJ 08540  ♦  877-221-8787