Closing on a house can be both exciting and nerve-wracking at the same time. As the date of closing approaches, it’s important to make sure everything goes as smoothly as possible. Here are some things you should avoid doing in the week leading up to the closing date:
Opening a new line of credit: Avoid opening any new credit accounts before closing on your house. This could potentially lower your credit score and raise red flags with your lender.
Making a large purchase on your credit card: It’s best to hold off on any big-ticket items until after the closing. This could also affect your credit score and debt-to-income ratio, which could potentially jeopardize the loan approval process.
Quitting or changing your job: A stable income and employment history are crucial when applying for a mortgage. If you are thinking about making a career change, it’s best to wait until after the closing.
Ignoring your closing schedule: Don’t assume that everything will fall into place on its own. Stay on top of your closing schedule and responsibilities to ensure everything is completed on time.
Forgetting to pay bills: Keep up with your regular bill payments, including utilities, credit cards, and other debts. Late payments or outstanding debts could affect your credit and loan approval process.
By avoiding these common mistakes, you can help ensure a successful and stress-free closing on your new home.
When you’re in the process of purchasing a home, closing day can seem like a finish line that’s just out of reach. However, the week leading up to closing is critical in ensuring a smooth and successful transaction. There are several things you should avoid doing during this period that could have a negative impact on your finances and your ability to close on your new home. Here are some things not to do in the week before closing on a house.