5 Closing Mistakes To Avoid

Dated: 08/22/2017

Views: 45

1. Don't mess with your income-to-debt ratio

The ratio of your monthly income to your monthly debts is one of the main factors the lender considered when qualifying you. And your lender will probably run your financials two or three more times before closing. While it's tempting, don't take out a big loan for the new deck you want to install when you move into your new place. Don't sign the lease on the new Audi that will look perfect in your new driveway. The bank looks at lease payments like any other debt payment.

2. Don't disappear

Be sure to keep in touch with your lender and be readily available to immediately address any last-minute concerns.

3. Don't change jobs

Lenders love stability. Switching jobs right before closing can make them anxious, and you want to give them every reason to feel confident. Most lenders prefer to have a two-year job history in hand, so making a big career move could slow things down, or squash the deal entirely.

4. Don't open new credit cards

Yes, you'll be buying furniture to fill those lovely rooms. Yes, you might need a new fridge. And yes, new dishes to match the new kitchen would be splendid. But resist the lure of opening new credit cards until after closing. Doing so can affect your credit score. For now, just open catalogs.

5. Don't be late

Even though you may have been riding the real estate roller coaster and life's been chaotic, be sure to stay current with all bill payments. Late payments, too, can affect that all-important credit score.

Wondering what else is involved in the final stretches of a home purchase? Your agent will be happy to answer any of your questions. Find an experienced agent: 


Bruce Palizban

REALTOR®

Certified Military Residential Specialist

Buyer Specialist

RE/MAX Home Center

CalBRE#01807369

760-415-7007 call/text

Bpalizban@remax.net

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Bruce Palizban BRE#01807369

Bruce is a business professional with a strong work ethic with an extensive background in customer service as he spent years of his youth managing a well known established family business, Rocco’s P....

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