Your offer has been accepted, and you’ve gotten all your paperwork into the lender. It’s smooth sailing to the settlement table. NOT SO FAST!! Below is a list of things that could scuttle the deal for the lender. So…
- Don’t change jobs, become self-employed or quit your job.
- Don’t buy a car, truck, or van – or you may be living in it.
- Don’t use credit cards or let cards fall behind.
- Don’t spend the money that’s set aside for closing.
- Don’t omit or lie on your loan application.
- Don’t make ANY big purchases before closing (furniture, TVs, mattresses, etc) Avoid the urge to nest.
- Don’t originate any inquiries into your credit – no new cards (no 10% off).
- Don’t make large deposits – all must be documented – funds must be sourced.
- Don’t change bank accounts.
- Don’t co-sign a loan for anyone.
Avoid any activity that will change your credit score or cause your lender to have to re-open your file. At best you may delay your settlement, at worst you could loose your financing, your dream home, and your earnest money deposit.
If you have questions, please give me a call: 215-767-3839.
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