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Under Contract? Five Things Not to do Before You Close

Monday, March 14, 2022   /   by Joe Johnson

Under Contract? Five Things Not to do Before You Close


The seller has accepted your offer, the inspector didn’t find any underground streams or shaky foundations, and the closing date is set. You’re in the homestretch! While you can breathe a little easier, remember, the deal’s not done until everyone signs all the (zillion) documents at the closing table. And, your lender can still change their mind. Here are some things to avoid in the run-up to the big day:

1. Don’t Mess with Your Income-to-Debt Ratio
The ratio of your monthly income to your monthly debts is one of the main factors the lender considered when qualifying you. And your lender will probably run your financials two or three more times before closing. While it’s tempting, don’t take out a big loan for the new deck you want to install when you move into your new place. Don’t sign the lease on the new Audi that will look perfect in your new driveway. The bank looks at lease payments like any other debt payment.

2. Don’t disappear
Be sure to keep in touch with your lender and be readily available to immediately address any last-minute concerns.

3. Don’t change jobs
Lenders love stability. Switching jobs right before closing can make them anxious, and you want to give them every reason to feel confident. Most lenders prefer to have a two-year job history in hand, so making a big career move could slow things down, or squash the deal entirely.

4. Don’t open new credit cards
Yes, you’ll be buying furniture to fill those lovely rooms. Yes, you might need a new fridge. And yes, new dishes to match the new kitchen would be splendid. But resist the lure of opening new credit cards until after closing. Doing so can affect your credit score. For now, just open catalogs.

5. Don’t be late
Even though you may have been riding the real estate roller coaster and life’s been chaotic, be sure to stay current with all bill payments. Late payments, too, can affect that all-important credit score.

Reiner Realty Group, Realtors with Lichtenstein Rowan
Rene Reiner
3621 Manassas Drive
Roanoke, VA 24018
540-793-4095
Joel Balsley
NMLS#210455
Licensed in VA
Office #: 540-278-1430
Mobile #: 540-597-8877
joelbalsley@atlanticbay.com


Featured real estate company is not a mortgage lender and so you should contact Atlantic Bay Mortgage Group, L.L.C. directly to learn about its products and your eligibility for such products. The featured lender has an affiliated business relationship with the featured real estate agent. You are under no obligation to use the featured lender for financing. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) is an Equal Opportunity Lender. Located at 600 Lynnhaven Parkway Suite 203 Virginia Beach, VA 23452.
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