5 Things NOT to do During the Closing Process

Dated: 10/19/2016

Views: 67

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.  

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Kyle Swanson

Kyle is a licensed Realtor/Broker and co-owner of the Realty Edge Team, brokered by eXp Realty. He founded the Realty Edge Team in 2011 along with Dan Kingsley. At age 26, he received the prestigious ....

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