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Do's and Don'ts Before Closing
Things to avoid before and during the "buying a home" stage.
Many new homebuyers make the mistake of rushing out to buy things to fill their home with as soon as the seller accepts their purchase offer and the lender pre-approves their loan. But there are still a few major hurdles to overcome before the keys are handed out. Here are some things to avoid during the home buying process to assure your transaction goes as smoothly as possible:
• Don't make an expensive purchase. It may be tempting to order that new sofa for your soon-to-be living room, but it is best to avoid making major purchases like furniture, cars, appliances, electronic equipment, jewelry, or vacations until after the closing. Financing that furniture with a store credit card or even one of your own credit cards could jeopardize your credit worthiness during the time it means the most. Using cash to purchase big items can also create a problem because many banks take into consideration your cash reserve when approving your mortgage.
• Don't get change jobs or reduce your income in any way. Lenders like to see a consistent job history. Generally, changing jobs will not affect your ability to qualify for a mortgage loan - especially if you are going to be making more money and staying within the same field of employment. But for some people, getting a new job during the loan approval process could raise some concern and affect your application, preventing the loan entirely. Better safe than sorry.
• Don't switch banks or move money around. As your lender reviews your loan package, you will likely be asked to provide bank statements for the last two or three months on your checking accounts, savings accounts, money market funds and other liquid assets. To eliminate potential fraud, most loans require a thorough paper trail to document the source of all funds. Changing banks or transferring money to another account - even if it’s just to consolidate funds - could make it difficult for the lender to document your funds. The lender requires ALL pages of every asset account
• Don't give a good faith deposit directly to the seller in a FSBO purchase. As a rule, your good faith deposit belongs to you, not to the seller, until the deal closes. Your FSBO seller may not know that your good faith funds should be applied to your expenses at closing. Get an attorney or other neutral party who can hold the deposit or put it in a trust account until you close on the home. Your purchase contract should dictate to whom the funds go should the transaction fall through. We recommend having a RE attorney review any contracts … call us up we have built relationships with several who provide this service at no charge when you use them for your closing.
• Don't disregard your lenders requirements. You may have been pre-approved for the loan but your work with the lender is far from over. In order to process your loan, you need to meet certain requirements. Your lender will need certain items in a timely and efficient manner. It is up to you to get it to him or her as soon as possible. Failure to submit certain qualifying documents could cause you to lose your loan and the financing you need to buy your home.
• Do make all of your payments on time, especially your Mortgage and/or Rent payment. Failure to make payments on time may result in higher interest rates or in some cases disqualify you from obtaining the loan.
• Do call your team of mortgage professionals with any questions or concerns you have.
• Do obtain wiring instructions directly from the title company prior to closing for the amount needed at closing to avoid any issues with wire fraud. No cash or personal checks will be accepted. Review your Closing Disclosure with your mortgage professional prior to closing. Some time lines are very tight to meet contract deadlines your cooperation is very important.
• Do trust your lending team and have patience. We realize that obtaining a mortgage is very time consuming and can be nerve racking. This process requires patience and cooperation. Remember that our all consuming goal is to provide you with a great mortgage!