Many factors can affect your financing during the home buying process. From the time you apply for a mortgage until the time of closing, you should not make any drastic changes to your financial status. So, be sure to follow these 8 tips in order to keep your financing intact for your closing.
1) Don’t co-sign a loan for someone else.
2) Do not become self-employed, change jobs, or quit your job.
3) Set aside your money for closing costs, and don’t touch it until closing!
4) Be sure to make your credit card payments on time, and don’t use your cards excessively.
5) I know it is tempting to buy furniture for your new house, but just wait until after the closing!
6) Do not buy a new car (as one home loan officer joked, “You may be living in it!”).
7) If you need to change bank accounts, wait until after the closing.
8) When you fill out your loan application, be sure to include all debts and liabilities – it’s better to know about these sooner than later.
You’ve worked hard to find a house and get everything ready for your closing. At this point, you’ve already been approved for the loan, so try to keep your financial status as stable as possible until the closing. Don’t let financing mistakes like these keep you from closing on the home you really want!