Corbett's House-Hunting Tips: Buying a Car Could Kill Your Deal
Best-selling author, real estate expert and "Extra's" Mansions and Millionaires host Michael Corbett gives you some hot tips on the best ways to buy a home -- all from his new book, "Before You Buy!"
This week's tip:
Don't change your financial picture right before a home purchase. While you are seriously home shopping, don't make any big purchases on credit. Don't buy a car or purchase an expensive vacation. Any significant purchases will alter your financial picture, and the banks don't like to see sudden changes just before issuing you a loan.
Be aware that positive changes -- such as paying off balances on all your credit cards -- won't immediately show up on your credit report. It may take months for those newly low balances to boost your credit scores. So plan ahead -- even once the bank has run a credit check and you have been approved, they may decide to do a final re-check.
Wait to make any big financial moves until after you own the house.
For more tips and guidelines, check out Corbett's book "Before You Buy!" on Amazon.com.