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5 Things NOT to do During the Closing Process

Tue, Feb 12, 2013 at 9:45AM

Finally find the house of your dreams . . . and your offer was accepted? Here are a few things to avoid during the contract to closing process. As always, if you have legal questions, please contact your attorney.

  1. Don’t change your marital status.
    • How you hold title is affected by your marital status. Be sure to make both your lender and your title company aware of any changes in your marital status so that documents can be prepared correctly.
  2. Don’t change jobs.
    • A job change may result in your loan being denied, particularly if you are taking a lower-paying position or moving into a different field. 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 the funding the loan.
  3. Don’t switch banks or move your money to another institution.
    • After the lender has verified your funds at one or more institutions, the money should remain there until needed for the purchase.
  4. Don’t pay off existing accounts unless your lender requests 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.
  5. Don’t make any large purchases.
    • A major purchase that requires a withdrawal from your verified funds or increases your debt can impact 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.

At Southern Title, we understand that by keeping you informed and helping you prepare for the closing day, you are more likely to have a stress-free closing experience. Our courteous and professional staff is proactive in their communication and works diligently to ensure the orderly and efficient transfer of real estate . . . and we do it with a level of service and friendliness that is hard to beat in the industry.

For more information, please contact us at (866) 297-5535.

Southern Title Holding Company, LLC, makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. 

 

Finally find the house of your dreams . . . and your offer was accepted? Here are a few things to avoid during the contract to closing process. As always, if you have legal questions, please contact your attorney.

  1. Don’t change your marital status.
    • How you hold title is affected by your marital status. Be sure to make both your lender and your title company aware of any changes in your marital status so that documents can be prepared correctly.
  2. Don’t change jobs.
    • A job change may result in your loan being denied, particularly if you are taking a lower-paying position or moving into a different field. 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 the funding the loan.
  3. Don’t switch banks or move your money to another institution.
    • After the lender has verified your funds at one or more institutions, the money should remain there until needed for the purchase.
  4. Don’t pay off existing accounts unless your lender requests 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.
  5. Don’t make any large purchases.
    • A major purchase that requires a withdrawal from your verified funds or increases your debt can impact 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.

At Southern Title, we understand that by keeping you informed and helping you prepare for the closing day, you are more likely to have a stress-free closing experience. Our courteous and professional staff is proactive in their communication and works diligently to ensure the orderly and efficient transfer of real estate . . . and we do it with a level of service and friendliness that is hard to beat in the industry.

For more information, please contact us at (866) 297-5535.

Southern Title Holding Company, LLC, makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. 

 


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