3 Bonehead Buyer Moves To Avoid During Closing

You’ve made it to the closing process and everything is on track – you’re in the home stretch! However just because the contract is signed, the title is clean and the closing date is set doesn’t mean you’re in the clear – if you’re not careful, you could still blow the whole thing. In fact, the closing process is the most common time for a real estate deal to fall through.It may feel like you’re done because your mortgage loan is approved but the truth is your lender keeps you under a magnifying glass until the very last day of closing. Many buyers don’t realize they still need to be careful, and wind up making a bonehead move that costs them their dream home.Here are three major mistakes you never want to make during closing.Switching JobsDon’t quit or switch your job during closing – it could have the whole thing crumbling at your feet. Loss of job or a pay cut will affect the terms of your loan and could jeopardize your eligibility.Even if you leave a job for more money or the same amount of money, you will have to go through all the steps and verification paperwork again. It will take time and may be difficult to get pay stubs from your new employer at the last minute, which means a delayed closing date or worse – put your deposit at risk.

Buying a new car

Car leases can trip up potential homebuyers because it’s another debt added to your plate and a hard credit check, which is a hit to your credit score. Instead of putting cash down for a new car, you should be saving money to increase your down payment, pay down credit cards to improve your score or put it away for a rainy day as a new homeowner.

Making any major purchase

It’s tempting to splurge just before buying a home, especially because you want to fill that new house with big-ticket items like furniture, new washer and dryer, etc. You’ve been working on your credit score and it’s great – perfect time to take out a new line of credit to furnish your new house, right? Wrong. Or at least, not until after you close.Your lender will question any major transaction and big transactions and purchases can tip your debt-to-income ratio in the wrong direction. Even a pricey plane ticket can be a red flag that has your lender taking a closer looking and changing their mind on your home loan.Talking candidly with your agent is best way to avoid mistakes during closing and the entire home buying process. Find a buyer’s agent you can trust and start asking questions as soon as possible. Search for an agent near you online or give us a call and we’ll do the searching for you.