5 Things to Avoid Before Closing

Closing on a home is an exciting step, but it comes with its challenges. To help ensure a smooth process, here are five critical things to avoid before the closing date.

1. Making Large Purchases
Avoid significant purchases like new furniture, appliances, or vehicles. These can impact your credit score and debt-to-income ratio, potentially jeopardizing your mortgage approval.

2. Changing Jobs
Job stability is vital during this period. If possible, avoid changing jobs until after closing. A new job, especially with a different income level, can raise concerns for lenders.

3. Ignoring the Inspection
Don’t skip the home inspection. It’s essential to identify any issues with the property before finalizing the deal. Addressing these concerns early can save you from unexpected costs later on.

4. Neglecting Paperwork
Stay organized and respond promptly to any document requests from your lender. Delays in paperwork can slow down the closing process and put your loan approval at risk.

5. Underestimating Closing Costs
Be prepared for closing costs, which typically range from 2% to 2.5% of the purchase price. Ensure you have enough funds set aside to cover these expenses, avoiding last-minute financial surprises.

By steering clear of these common pitfalls, you can help ensure a smoother closing process. Stay focused, communicate with your team, and get ready to enjoy your new home!