Closing day can be an exciting day for many homebuyers, but what if you did something that day that caused a delay in closing? Or worse yet – caused you to lose the house all together?
Jeff Brand & Associates is the real estate expert in Flower Mound, Texas and we want to offer some advice on what not to do when closing on your new home. Avoid these 3 common mistakes buyers make and you’ll be on your way to home ownership!
Mistake #1: Quitting Your Job Days before Closing
Mortgage decisions are based on income and stability, and if you no longer have a steady job, well, things may not go well for you. A mortgage underwriter will verify all facts about your mortgage – including employment status – a few days before closing and make sure everything is the same as when you were pre-approved. Don’t surprise them by quitting at the last minute because it could cause you to lose the home.
Mistake #2: Making Large Purchases on Credit
Not only will the mortgage lender verify your employment status, but they will also double-check your credit score in the days leading up to your closing. For this reason, it is best to avoid other large purchases days before your home closing. Why? Because large purchases on credit – say new furniture loans, large credit card purchases at Ikea for the new home, or even a new car – can affect your credit. And if there is a big enough swing in your credit score, your mortgage rates may change.
Mistake #3: Asking for Last Minute Concessions from the Seller
Unless you saw some major issues during your final walkthrough, closing day is not the day to ask the seller for new concessions such as fixing something in the home or replacing the fence. These are all things that should have been settled during the negotiations – not when closing on your Flower Mound home.
Looking for the best realtor in Flower Mound to assist you in buying the home of your dreams? Give Jeff Brand & Associates a call today! We are the real estate experts in Flower Mound, Grapevine, Lantana, Highland Village, Argyle, Lewisville, Castle Hills, and the surrounding areas and want to help you avoid these common mistakes buyers make.