Don’t Derail Your Closing

Closing day is an exciting day for Buyers, Sellers, Realtors, Lenders, and Escrow Agents alike. A new chapter begins for the Buyers, and another chapter closes for the Seller. Realtors, Lenders and Escrow Agents get to watch all of this unfold and keep their Buyers and Sellers happy. Most of the time, closing day usually goes off without a hitch, however sometimes things don’t always go as planned.

The buyer sits at the closing table talking about the new car they just purchased without previously mentioning this to their lender. Turns out the new loan payment now disqualifies them for the home loan (whoops)! Or there is the borrower who decided to change jobs without telling anyone. These can be very detrimental to the purchase of real estate if you are obtaining a mortgage to buy your new home. Charging or financing anything during escrow can really hinder your ability to qualify for your home financing.

It’s important for buyers to understand, early in the process, the do’s and don’ts while in escrow on a home purchase. A buyer may not think what they are doing is a huge deal, but it can break the entire deal. This leaves not only the Buyer in a dilemma, but the seller as well.

What are some other things you should never do during the closing process? Don’t change your marital status. Don’t change jobs. Don’t switch banks or move your money to another account. Don’t pay off existing accounts unless your lender asks you to.

If you have additional questions about the do’s and don’ts during escrow, be sure to talk to your real estate agent, loan officer, or contact our office at (402)721-5833.