Keeping things consistant throughout the closing process will help ensure you have a predictable and stress-free closing experience. Here are 5 tips from our closing experts.
1. DO NOT 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. DO NOT 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. DO NOT 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. 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 that advice. Otherwise, leave your accounts as they are until your escrow closes.
5. DO NOT 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.
