Congratulations! The seller has accepted your offer, everything looked good during the inspection, and the closing date quickly approaching. But not so fast! The deal isn’t done until the documents are signed. Here are five common closing mistakes to avoid when buying a home.
1. Don’t mess with your income-to-debt ratio
Your debt-to-income ratio is one of the main factors the lender considered when qualifying you for a loan. They’ll most likely run your financials a few more times before closing just to make sure everything has stayed consistent. Don’t make any big purchases or take out big loans before you officially close.
2. Don’t disappear
Be sure to keep in touch with your lender and be readily available to immediately address any last-minute concerns.
3. Don’t change jobs
Lenders love stability. Switching jobs right before closing can make them anxious, and you want to give them every reason to feel confident. Most lenders prefer to have a two-year job history in hand, so making a big career move could slow things down or ruin the deal entirely.
4. Don’t open new credit cards
While you’ll probably need furniture, a fridge, and a new dining set, try to resist opening new credit lines until after you close. Doing so could affect your credit score and your chances of successfully closing.
5. Don’t be late
Be sure to stay current with all of your bill payments. If you don’t, your credit score may be affected
If you have any real estate-related questions or are interested in buying or selling, don’t hesitate to contact me, Kim Rievley, today. I can be reached at 951-377-3955 or by email at firstname.lastname@example.org.