The whole process of buying a house is a taxing and tedious one. There are tons of steps to take and lots of waiting in between. In the duration of that waiting period, a lot of things can happen and some of them can make a huge impact on the process of buying your next home.
If you’re planning on buying a house or if you’re already in the process of doing so, there are things you should never do if you want to avoid hassles and delays (which can result in a longer wait or, worse, rejection).
Here are 4 things you should never do as a buyer during the closing period.
Don’t: Change your marital status
Don’t get married, divorced, or separated while in the process of closing. Alternatively, don’t buy a house without finalizing your marital status first. If you’re planning on getting married (or getting divorced/legally separated), work on that first before buying a house. Your marital status greatly affects how you hold title on your new real estate property so you’re going to want to make sure that all the information on the documents are accurate. This will also save you time and money in the future, eliminating the need for corrections.
Don’t: Take on a new job
Even after getting approved for a loan earlier in the process, your lender may still want to call your employer later to verify some of the information you submitted, and changing jobs while in the middle of buying a house can set off red flags for your lender. Most lenders also like to see at least two years of stable and consistent employment so they can be sure that you’re able to make the payments on the loan you’re about to take.
Don’t: Add to your existing debt
Making a big purchase with your credit card can be a turn-off for most lenders. Don’t make a big ticket purchase until you’re in the clear and the closing process has ended, even if it’s something for the new house. Doing this can lower your credit score. It can also result in the lender wanting to rehash the terms with higher interest rates and a bigger down payment so wait it out!
Don’t: Delay the process
As mentioned earlier, the closing period is time-sensitive. Sign all the paperwork and submit them on time to ensure a smooth closing process. Failure to do so may cause you to lose the already agreed-upon terms. It could also cause you to lose whatever progress has been made, sending you back to Step One.
Buying a house requires patience and diligence. Make sure to plan everything accordingly to avoid hassles and delays.