We think believe closing on your new home or loan should be an exciting experience. It’s the culmination of months or years of hard work. Your almost ready to move into your new home. Unfortunately in some cases, closings can be stressful. To help you out, here are a few easy ways to take that stress out of the picture.
1. CHANGE YOUR MARITAL STATUS:
How you hold title is affected by your marital status. Be sure to make both your lender and the title company aware of any changes in your marital status so that documents can be prepared correctly.
2. CHANGE JOBS:
A job change may result in your loan being denied, particularly if you are taking a lower-paying position or moving into a different ﬁeld. Don’t think you’re 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 YOUR MONEY TO ANOTHER INSTITUTION:
After the lender has veriﬁed your funds at one or more institutions, the money should remain there until needed for the purchase.
4. PAYING 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 that advice. Otherwise, leave your accounts as they are until your escrow closes.
5. MAKE ANY LARGE PURCHASES:
A major purchase that requires a withdrawal from your veriﬁed funds or increases your debt can result in your not qualifying for the loan. A lender may check your credit or re-verify funds at the last minute, so avoid purchases that could impact your loan approval.
We understand that by keeping you informed and helping you prepare for the closing day, the more likely you will have a stress-free closing experience. Our courteous and professional staff is proactive in their communication and works diligently to ensure the orderly and efﬁcient transfer of real estate…and we do it with a level of service and friendliness that is hard to beat in this industry.