House hunting can be overwhelming, especially if you’re a first time buyer. It’s exciting and exhausting at the same time. How do you even know where to start in the process? If you;
5 Things NOT TO DO During the Closing Process
You've received news that your offer was accepted--WAHOO! Now, before you get too excited and do some extreme things, be sure you AVOID these 5 things...which could potentially ruin your chances of actually getting the home.
1. Change Your Martial Status--How you hold your title is affected by your martial status. Be sure to make both your lender and title company aware of any changes in your martial status so that documents can be prepared correctly.
2. Change Jobs--A job change can result in your loan being denied, particulary if you are taking a lower-paying position or moving into a different field. Don't think you are safe because you've received approval earlier in the process, as the lender may call your employer to re-verify your employment just prior to funding the loan.
3. Switch Banks or Move Money to another Institution--After the lender has verified your funds at one institution, the money should remain there until needed for the purchase.
4. Paying Of Existing Accounts (unless your lender suggests it)--If your Loan Officer advises you to payoff certain bills in order to qualify for the loan, follow their advice. Otherwise, leave your accounts as they are until your escrow closes.
5. Make Any Large Purchases--A major purchase that requires a draw from your verifed funds or that increases your debt can result in your not qualifying for your loan. A lender may check your credit or re-verify your funds at the last minute; so avoid purchases that could impact your approval.
With the assistance of your Maurer Real Estate Team, we will help you through the entire process...right down to the closing. We look forward to assisting you. Give us a call when you are ready to purchase the home of your dreams.
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