Don't Let Your Guard Down Yet: Last Minute Home Buying Issues

Posted on: 24 July 2017

The entire home-buying experience can be exhausting. Once you finally find the home of your dreams, in your price range, have an accepted offer and have financing all lined up, you can begin to relax. The hard part is done, but the process doesn't end until your sign the closing documents. Don't get caught unawares and let your guard down too soon. Read on to learn about some last minute issues that could cause you problems.

Credit Card Use

You do need some new furniture for that dream home, right? Just be sure you don't harm your credit by using up a lot of your available credit or taking a new card or loan to do so. Your credit will continue to be the focus of your lender right on up to the closing day, and adding an additional financial burden could cause your financing to fall through. Just because you are confident that your financing is solid is no reason to ruin your good score by impulsive purchases.

Escrow

On the same subject, do not disturb any money in savings either. This money, held in a savings or checking account, is constantly monitored during the period leading up to your closing. You may be surprised at how "touchy" your lender can be about a large expenditure from your account, so try to put off any purchases until after closing. For example, even if you plan to replace the funds used right way, any movement in your account over an certain amount will catch the attention of your lender, and not in a good way. Your loan rests on your ability to pay any required closing costs, and this money (known as escrow) guarantees the funds to do that will be available on the day of the closing, so hands off!

Employment

In most cases, the best interest rates go to the applicant with a good work history, either at the same job or company, or at least in the same field. In fact, your loan approval for the specific interest rate is likely tied to your employment history. The time prior to your closing day is not a good time to make changes in employment; put off any career changes until afterwards. On the other hand, if you experience an unexpected change, such as an layoff, let your lender and real estate agent know right away.

Speak to your realtor for more information.

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