5 Things Not to Do During the Closing Process

You have been pre approved for a loan, found your dream home and put an offer in and wonderful news….your offer was accepted.  Well it does not stop there.  It is important to know that your financial world will be scrutinized by your lender.  Be sure to discuss any decisions you are thinking of making with your lender before you do so and potentially jeopardize your loan approval.   

  1. Change Your Marital Status  – How you hold title is affected by your marital status and any loan responsibility.
  2. Change Jobs – A job change can definitely have an affect on your loan.  Changing job status, income or company can result in your loan being denied.  The lender will typically contact the employer a few days before closing to re-verify employment.
  3. Switch Banks or Move Money – Your lender will want all of your bank statements. Any large deposits will be reviewed as well as a withdraw.  Your lender may require you to write an explanation and hopefully accept the reason for it.  You don’t want delays in being able to provide bank statements either.
  4. Credit Changes – Do not pay off any credit card bills or open new ones.  Doing so can change your credit score.  The lender will run another credit check prior to loan funding.
  5. Make Large Purchases – Do not make large purchases on a credit card or withdraw money from your bank without discussing it with your lender.  Your debt to income ratio can change and you could no longer be approved.

Looking to buy or sell…I am here to help.  Call 440 221-6383 or email me at jodyfinucan@gmail.com.  www.jodyfinucan.com