5 Things NOT to Do During the Closing Process

Keeping things the same throughout your closing will help make sure you have a predictable and stress free closing experience. Here are 5 tips from closing experts of what NOT to do during the closing process:

1. Don’t Change Your Marital Status

How you hold the title is affected by your marital status. If you make changes to it, be sure to make both your lender and the title company aware of the changes so your documents can be prepared correctly.

2. Do Not Change Jobs

A job change can result in your loan being denied, especially if your pay is lower or if the field of work changes. Just because you received an approval letter, does not mean that your approval status cannot change.  If the lender calls your employer to re-verify your employment just prior to funding the loan, any change may disqualify you.

3. Do Not Switch Banks or Move Your Money To Another Institution

After the lender has verified your funds at your current institutions, money should remain there until your purchase is complete.

4. Do Not Pay off Existing Accounts (unless your lender requests it)

If your Loan Officer advises you to pay off certain bills in order to qualify for the loan, follow the advice. Otherwise, leave your accounts as they are until you close.

5. Do Not Make Any Large Purchases

Any major purchase that requires you withdrawing money from your verified funds or increases your debt can result in you not qualifying for a loan. A lender may check your credit or re-verify funds at the last minute, so avoid any purchases that could impact your loan approval.

When you enlist Logical Choice Realty Group to help buy your first or next home, we guide you through the entire process… even beyond the closing. If you are ready to buy, give us a call to get the process started. We may not be your only choice, but we are your Logical Choice!