How to Keep Your Home Purchase on Track

Having an offer accepted on a home will be an exciting moment, but just remember the purchase is not final until you sign the papers at closing! Until then, the transaction could fall apart for various reasons. Here are five tips you can use to assure your home-buying process is a smooth one.

1. TELL THE TRUTH ON YOUR MORTGAGE APPLICATION.

Lenders are very diligent throughout the process of qualifying your loan application. Exaggerating your income or omitting debts will surely not go unnoticed. Expect for your loan application to be checked, and then double-checked by a team of qualified underwriters.

2. DO NOT MAKE ANY BIG PURCHASES.

Your lender will run the numbers on your credit right before closing to be sure their financial condition hasn’t weakened. Things like opening a new credit card, significantly increasing the balance on previous credit cards, or depleting your savings could cause your lender to change its mind on funding your home loan.

Although you may have the urge to purchase furniture and other items for your new home, resist the temptation!

3. KEEP YOUR JOB.

Verification of employment is very important to qualifying for a home loan. If you were to lose, quit, or change your job the lender may refuse to fund your loan.

4. MEET CONTINGENCIES.

If your contract requires you to do something before the sale, do it. If you’re required to secure financing, promptly provide all the information the lender requires. If you must deposit additional funds into escrow, don’t stall. If you have 10 days to get a home inspection, call the inspector immediately.

5. CONSIDER DEADLINES IMMOVABLE.

Get your funds together a week or so before the closing, so you don’t have to ask for a delay. If you’ll need to bring a certified check to closing, get it from the bank the day before, not the day of, your closing.