Most buyers think that if they are pre-approved for their home loans, they are good to go. However, there are three mistakes you should avoid in order to make it to the closing table:
- Going on an expensive vacation right before closing: We had a client do this and they charged so many things on their credit card that they had to switch to the maximum payments. Because of the recent changes to their credit, they could no longer afford their mortgage.
- Purchasing a new car: Don’t take out a loan for a major purchase, like a car, before you close on a home. We’ve seen people do this before, and it causes that mortgage payment to go up a couple hundred dollars a month which, in turn, sabotages the home sale.
- Purchasing new furniture for the home before moving in: Again, increasing your debt before purchasing a home is a big mistake.
There are several things that can affect your home closing process. If you have any questions, give us a call or send us an email. We would be happy to help you!