DO NOT Do These Things During Escrow and Closing Process
After few round of negotiations, your offer had been accepted. Now things just getting started: to get the transaction close. Home buyer can learn that there are things a home buyer should not do before closing a real estate sale. Keeping things consistent throughout the closing process will help ensure you have a predictable and stress-free closing experience. Here are what to avoid during the closing process when buying home in Arizona.
DO NOT change job
A job change may result in your loan being denied, particularly if you are taking a lower-paying position or moving into a different feld. Don’t think you’re safe because you’ve received approval earlier in the process, as the lender may call your employer to re-verify your employment just prior to funding the loan.
DO NOT Changes to your marital status
How you hold title is affected by your marital status. Be sure to make both your lender and the title company aware of any changes in your marital status so documents can be prepared correctly.
DO NOT Making any large purchase
A major purchase that requires a withdrawal from your verified funds or increases your debt can result in your not qualifying for the loan. A lender may check your credit or re-verify funds at the last minute, so avoid purchases that could impact your loan approval.
DO NOT Paying off existing accounts
Do not pay off existing account unless your lender request it. If your loan officer advises you to pay off certain bills in order to qualify for the loan, follow that advice. Otherwise, leave your accounts as they are until your escrow closes.
DO NOT Switching bank
After the lender has verified your funds at one or more institutions, the money should remain there until needed for the purchase.
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us. Contact us today for no obligation consultation.
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