The owner has signed the contract, accepted your offer, the inspector didn’t find any underground streams or shaky foundations, and the closing date is scheduled. You are in the homestretch! While you can breathe a little easier, remember, the deal’s not done until everyone signs every one of the (zillion) documents at the closing table. And, your lender can still change their mind. Here are some things to avoid in the run-up to your big day.
In Contract? 5 Important things To refrain from doing Prior to Closing
The ratio of your monthly income to your monthly debts is one of the main factors the lending company considered when qualifying you. As well as your lender will probably run your financials a couple of more times before closing. While it’s tempting, do not take out a large loan for the new deck you want to install once you move into your brand-new place. Don’t sign the lease on the new Audi that will look perfect in your new driveway. The lending company looks at lease payments like any other debt payment.2. Don’t disappear
Be sure to communicate with your lender and be easily accessible to immediately address any last-minute concerns.3. Don’t change jobs
Lenders love stability. Switching jobs just before closing can make them anxious, and you want to give them every reason to feel confident. Many lenders would prefer to have a two-year job history in hand, so making a big career change could slow things down, or squash the deal entirely.
4. Don’t open new credit cards
Yes, you’ll be buying furniture to fill those lovely rooms. Yes, you may need a new fridge. And yes, new dishes to match the new kitchen would be splendid. But resist the lure of opening new credit cards until after closing. Doing so can affect your credit score. For the time being, just open catalogs.
5. Avoid being late
Even though you could have been riding the real estate roller coaster and life’s been chaotic, make sure you stay up-to-date with all bill payments. Late payments, too, can impact that all-important credit rating.
Wondering what else is involved in the final stretches of a home purchase? Nick & Cindy Davis will be happy to answer any of your questions. You can always reach us at 813-300-7116 or simply click here and we will be in touch.