Keep Your Closing On Track

Posted on | January 4, 2017

When you are purchasing a property with a loan, here are some key points to consider to help keep your closing on track:

  1. Marital status. To ensure that your closing documents are prepared accurately, notify your lender and title company if your marital status changes.
  2. Credit. Changes to your credit report, such as incurring unnecessary credit inquiries, late payments, new open accounts, or closed old accounts, can adversely affect your credit score and cause you to no longer qualify for a mortgage.
  3. Job or income. Your lender may verify your employment status and income before funding your loan. If you can help it, avoid making any changes until after the closing.
  4. Large purchases. Buying new furniture or a vehicle before your closing is complete can negatively impact your debt-to-income ratio. Wait until after the closing to make these types of purchases.
  5. Bank account. Other than your paycheck, do not make any large deposits without checking with your lender first. Also, avoid changing bank accounts.

Should you have question regarding your specific situation, consult with your real estate agent, lender or title company.

Click here for a printable version of this information: Keep Your Closing On Track

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