5 Things NOT To Do During The Closing Process

Dated: 10/19/2016

Views: 630

Rochester MN Real Estate Closing

5 Things NOT to do During the Closing Process



You've finally found the perfect home. The loan has been approved, contracts have been signed, and your closing is scheduled. There are a few things you absolutely should NOT do at this time or else you risk the deal falling through:


1. Change Jobs


    If you end up changing jobs during the buying or closing process, your loan may be denied - especially if you take a job with a lower income. Just because you've already received your approval doesn't mean that you're safe. The lender may call your employer to re-verify your employment just before funding the loan. 


2. Switch Banks/Move Your Money


    Money should stay in the same institution until needed for the purchase. 

3. Paying Off Existing Accounts (unless your lender requests it)


    Leave your accounts as they are until your escrow closes.

4. Make Any Large Purchases


    You may be excited to get new furniture or appliances at this time. Wait. A major purchase that requires you to withdraw money from your verified funds or increases your debt can result in you not qualifying for your loan. Lenders can check your credit at the last minute. 

    

For more tips on closing and the buying and selling process, contact the Realty Edge Team at 507-722-1107 or go to www.rochesterrealtyedgeteam.com.  


Blog author image

Kyle Swanson

Kyle is a licensed realtor and co-owner of the Realty Edge Team, brokered by eXp Realty, at 300 1st Ave NW Rochester, MN. He founded the Realty Edge Team in 2011 along with Dan Kingsley. At age 26, he....

Latest Blog Posts

October 2019 Rochester MN Real Estate Market Report

October 2019 Rochester MN Real Estate Market ReportIt's starting to get a little chilly out, but the Fall colors are looking great!I wanted to share the October 2019 Real Estate Market Report

Read More

New Listing SE Austin MN Home For Sale

New Listing in SE Austin MN!There is a new listing on the market in Southeast Austin! This charming two story home is PRE-INSPECTED and MOVE-IN Ready! At 2013 2nd Ave. SE, this 3 bedroom/1.5

Read More

The Pill Hill Pioneer Harold H Crawford

The Pill Hill Pioneer: Harold H. CrawfordWe told you that our most recent listing at 932 9th Ave SW Rochester was a MUST SEE, and it was. Here’s why!In 1941, famous Rochester architect

Read More

New Listing MUST SEE SW Rochester Home For Sale

New Listing MUST SEE SW Rochester MN Home for SaleThe Realty Edge Team exp Realty and I are excited to share this unique, new listing in the Historic Southwest neighborhood of Rochester.

Read More