What You Should NOT Do Before Closing

During the process of purchasing a home it is very important to follow your realtor’s advice and not do anything that could delay the closing.

A very smart move is to keep away from any debt. Lenders have to perform a second credit check before giving loan funds and any debt added can send you back to reapproval.

Do you really want to go through that process all over again? I’m guessing your answer is “no,” so here is what you should do:
· Don’t use your credit cards for any big purchases
· Do not open or close any credit accounts unless you speak with the lender first
· Do not move your money between accounts and don’t close checking accounts
· Don’t co-sign on anything
· Pay off debt through your lawyer’s escrow company
· Lenders don’t allow paying in cash so if you have the money don’t mention it to anyone
· Do not use your equity line
· The money for your down payment and for closing the loan should come from an account that you have mentioned before
· Don’t make large deposits into your savings account; if it is absolutely necessary, keep a record of the origin and make copies of all documents, to be able to explain the source of the money

Following these rules will help you seal the deal and get the house you’ve always dreamt about!


Other Buyer Guides

How will TRID impact the buying process?

As of October 3, 2015, TRID (Truth-in-Lending Integrated Disclosure Act) is officially in place and changes the way mortgage loans are originated and closed. This is important to know when purchasing a home because all mortgage transactions are effected and the buying process is time-sensitive and has associated costs (moving, repairs, etc.) Read more.