• Henry Appling - Loan Officer

10 Things You Need to Know When Purchasing a Home During a Pandemic!

1. Wear a mask and practice physical distancing while viewing homes. Safety first!

2. If you have any disputed items on your credit report; make sure to have the disputes removed immediately. Creditors and the credit bureaus have their hands full now more than ever. As a result credit report updates are taking longer than usual.

3. When you find the home of your dreams, you will need to present a deposit check a.k.a earnest money deposit. This check, which is part of your down payment, serves as a good faith deposit showing your seriousness as a buyer. Make sure the deposit check amount is the same as listed on the purchase agreement

4. Have your home inspection done as soon as possible.

5. Your appraisal should be completed ASAP as well. An appraisal waiver may be possible with 20% down, ask about this!

6. Make sure you have enough cash to close in your bank account (down payment + closing costs.) Speak with your lender before you make any large deposits, including retirement funds, gift funds, etc.

7. Have online banking and be proficient at using it, so you can electronically download bank statements. Practice if you need to.

8. Lock your interest rate immediately as rates are at an ALL TIME low. If you wait to lock, you risk losing your initially offered low rate.

9. Have a good contact in your HR or payroll department at your employer. A verification of employment, as well as a subsequent verbal verification confirming that you are actively employed will be done a few days prior to closing. This is very important right now with many of us working remotely.

10. Contact Ashley Green for Homeowners Insurance as soon as possible. You want to make sure that you have proper coverage for your new home. Also, having a Homeowners Insurance quote early in the process will enable your lender to accurately quote your mortgage payment. No one likes surprises in the form of extra bills!

Henry Appling | Loan Originator Outside Sales

| NMLS # 1150503

Cardinal Financial Company, Limited Partnership | NMLS 66247

10 Waterview Blvd, Ste 300, Parsippany, NJ 07054

Phone: (201) 351‑1653 |

Fax: (201) 351‑1653

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