A few weeks back we posted about Appraisal Concerns on your Fishers, IN home and the possibility of an appraisal coming back quite different than what you expected on your new Fishers, IN home. Assuming that you have made it through the appraisal process your next step is to wait for that closing date to come. Since you have already received your pre-approval you are ready to breeze on through that closing and get into your new home. Before sitting down at that closing table there is something to be aware of – the fact that your closing may not go off without a hitch. So, what can you do to prevent any issues at the closing table?
According to most mortgage lenders, the worst thing you could do is to change your borrower circumstances between applying for the loan and the day of closing. Lenders have gotten stricter in response to the mortgage meltdown a few years back and must now track changes in borrower circumstances between application and closing. There are several things not to do between applying for that loan and signing on the dotted line for your new home.
Get a new credit card or auto loan. The quickest step to destroying your mortgage chances is to get a new credit card or auto loan. The lender doesn’t want to see any new possibilities of debt prior to the close of the home. Don’t be tempted by those retail cards offered at most major stores – even opening one of them could change your plans.
Charging up your credit cards. Don’t increase your credit card balances at all. If possible pay cash for everything, or, wait until after closing to purchase all your big ticket items for your Fishers, IN home, such as new furniture, appliances, and yard equipment.
Change jobs. Unfortunately, changing jobs is another possible way to derail a mortgage before the closing table. Mortgage lenders want to see a two-year history and it is possible that new job won’t count toward your income – you may find you no longer qualify for your mortgage.
When you are ready to buy your Fishers, IN home, contact a Fishers, IN real estate agent. We’re committed to providing you with the highest quality service. You deserve to have all the latest market information and the very best advice, both of which we can provide you with. We hope to speak with you soon!
Rodney & Amanda Heard
Heard Real Estate Team