We all know that closing on a home is an exciting milestone, but it’s crucial to avoid certain actions that could jeopardize the process. Here are the top 10 things to steer clear of before your closing day:
- Don’t Make Large Purchases: Avoid significant purchases like cars, furniture, or appliances before closing. These large expenses can impact your debt-to-income ratio, potentially affecting your loan approval.
- Don’t Open New Credit Accounts: Opening new credit cards or taking out loans can negatively impact your credit score.
- Don’t Close Existing Credit Accounts: Closing credit accounts can lower your credit score and affect your credit history.
- Don’t Make Large Deposits or Withdrawals: Sudden changes in your bank account can raise red flags for lenders.
- Don’t Change Jobs: Switching jobs, even for a promotion, can impact your loan approval, as lenders often require a stable employment history.
- Don’t Neglect Your Mortgage Lender: Maintain open communication with your lender and promptly provide any requested documents.
- Don’t Ignore Closing Costs: Understand the closing costs involved and plan accordingly. Don’t be surprised by unexpected fees.
- Don’t Skip the Final Walk-Through: A final walk-through is essential to ensure the property’s condition matches the agreed-upon terms.
- Don’t Change Insurance Providers: While you may want to shop for new insurance, wait until after closing to avoid any potential complications.
- Don’t Lose Patience: The closing process can be time-consuming. Stay patient and work closely with your real estate agent and lender to ensure a smooth transaction.
Regardless of if you are purchasing now, have already, or in the near future, avoiding these common pitfalls will increase your chances of a successful and stress-free closing. Like, share, comment below.