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5 Things NOT To Do During The Closing Process
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.
Kyle is the broker/co-owner at the Realty Edge Team. He founded the Realty Edge Team in 2011 along with Dan Kingsley. At age 26 he received the prestigious “30 under 30” award from the National As....