In the tumultous real estate climate there are many reasons your purchase may fall apart revolving around financing. Here are a few tips to keep you in check and prevent heartache.
Don’t change your credit profile– Do not open any new lines of credit. It may be obvious not to purchase a new car or a boat, yet buyers still do it. More importantly some people open lines of credit to buy furniture, appliances and other household items. Wait until after the closing to open any new lines of credit. Also do not plan any closings around job changes. Especially if you make more less money than your pevious job.
Do not miss any payments– The lender will be pulling your credit report multiple times through out the process. Be festidious about getting your bills paid on time. Mortgage criteria is so tight one late can bump you out of a program or at least delay closing until they get answers and documentation of why you are late.
Pay attention to dates– Mortgage pre-approvals and commitments are usually only good for up to 90 days. If your financing is tight a new loan approval can kick you out of a program. Try to keep your approval/commitments in order and up to date.
Keep your documents handy– Try to keep all the documents you may need for your mortgage handy. Again, money lending is tight and the underwriters want a paper trail. Don’t take days or weeks to get the lender the necassary paperwork.
Missing a closing date or having your financing withdrawn not only creates the heartache of losing a home you want, but you may have deposit money at risk. Pay close attention to your mortgage contingency date in your purchase and sale contract. Try to have that as close to the closing date as possible and make sure you have everything in order before that date. Happy House Hunting!!
This post Surprises are for Birthdays- Not Real Estate Closings!! was provide by Kevin Vitali of EXIT Group One Real Estate of Tewksbury, your Massachusetts Real Estate agent. Kevin will help with your real estate needs whetehr you are buying or selling a home in Essex County or Middlesex County Massachusetts.
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