Run through this list of five things you can do to avoid delaying closing, or botching up the entire deal.
1. Changing jobs.
Sometimes you don't think about it. You're like, but I took a job that has better pay or better opportunity. Well changing jobs and pay, changing your pay structure could disqualify you for that loan. So if you go going to do it, which you can, but if you're going to do it, make sure that you talk to your lender, give them all the specifics for your new job and have them run the scenarios to make sure that that job still qualifies you for this purchase.
2. Paying your bills on time.
Nobody wants to or sets out to paying bills late, but this time is critical. So a lender will have pulled your credit prior to you going under contract. We're gonna have to pull your credit again, three to eight days before closing, if you have a jumbo or conventional loan, we don't have to do that for FHA a and VA. But if I have to pull your credit again, and now I see a judgment or a collection, or I see higher balances or a new credit card, well, I have to stop and assess the damage that might have done to your credit score and your ability to afford this home. So lay low on the credit use during the period of time, make sure that you're staying in communication.
3. Communicate! You have a full time job, and I get that.
But as your lender, it's my job to get you to the closing table on time with the least amount of stress. Well, if you can't get back to me except for on weekends, or maybe only at night, it might delay the process. If I'm waiting for a documentation. So stay in communication with your lender, try to respond as quickly as possible and let them know how you like to communicate.
4. Going on vacation.
I don't know how this works, but it always seems to be that you find the perfect home right before your trip to Mexico. How does that happen? But it does.
5. Spending your cash to close.
We wanna let you know what money you need up front for the down payment for the closing costs. If you have other opportunities that present during that period of time, you're under contract, maybe now is not the time to take on the at new investment. Make sure you're speaking with your lender. How much money specifically do I need? And in what accounts are gonna paper trail your bank accounts. We don't want you spending, maybe there's another account that we can't use for some reason, and we need the money in that account
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