Five Things Not to Do During the Closing Process

    Don’t Change Marital Status

    Loans or financial status when buying a home is greatly affected by your marital status. Your financial standing can change if your marital status changes which could prevent you from getting the home you want.  This also delays the process and keep in mind you are under contract to close within a certain period of time.

     

    Don’t Change Jobs

    Any loans or financial standing is affected by your job status, just like your marital status. If you’ve taken a lower paying job or change your field of work, don’t think you’re safe because you’ve received approval before the change. Your lender can call again and verify your employment and you could lose the home if you’re records show that you can’t afford it. This also delays the process and keep in mind you are under contract to close within a certain period of time.

     

    Change Banks

    The lender verifies your funds in the bank accounts provided. If you change banks, they will have to re-verify that you have all the same funds in the new bank. This can also cause a delay as well as confusion during the process and is ill-advised.

     

    Pay Off Accounts (Including Credit Cards or Loans)

    Unless otherwise stated by your lender, leave all your accounts as is. Even small payoffs can throw off the entire loan process so don’t try to pay off any accounts unless your lender states to pay them off. As with all changes, this can absolutely delay the process and prevent you from getting the home you want.

     

    Don’t Make Large Purchases

    Don’t make any large purchases or make any large withdraws from your accounts. These funds have been used in qualifying you for a loan and if you significantly change the amount in your account, you can delay or almost prevent the chances of you getting the home you want.

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