You’ve found your dream home. Make sure missteps don’t prevent a successful closing.
A home purchase isn’t complete until you make it
to the closing. Until then, the transaction can fall apart for many
reasons. Here are five tips for avoiding mistakes that cause a home sale
1. Be truthful on your mortgage application
You may think fudging your income a little or omitting debts when
applying for a mortgage will go unnoticed. Not true. Lenders have become
more diligent in verifying information on mortgage applications. If you
fib, expect to be found out and denied the loan you need to fund your
home purchase. Plus, intentionally lying on a mortgage application is a
2. Hold off on big purchases
Lenders double-check buyers’ credit right before the closing to be
sure their financial condition hasn’t weakened. If you’ve opened new
credit cards, significantly increased the balance on existing cards,
taken out new loans, or depleted your savings, your credit score may
have dropped enough to make your lender change its mind on funding your
Although it’s tempting to purchase new furniture and
other items for your new home, or even a new car, wait until after the
3. Keep your job
The lender may refuse to fund your loan if you quit or change jobs
before you close the purchase. The time to take either step is after a
home closing, not before.
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. Treat deadlines as sacrosanct.
More from HouseLogic
How maintenance adds to home values
Reducing closing stress
Other web resources
More on calculating closing costs
More on the closing process
Filisko is an attorney and award-winning writer who wanted a successful
closing on a Wisconsin property so bad that she probably made her agent
rethink going into real estate. A frequent contributor to many national
publications including Bankrate.com, REALTOR® Magazine, and the
American Bar Association Journal, she specializes in real estate,
business, personal finance, and legal topics.
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