We all know that the worst time to run into problems when purchasing a home is during the final days leading up to closing. Often times complications arise from the lack of understanding about the loan process.
Buying A Home Is A Big Step And The Loan Process Should Not Be Taken Lightly.
To help you avoid you running into complications during the purchasing of a home, we have listed below 4 tips to help you or someone you know have a smooth real estate transaction.
4 Tips To Avoid Complications When Purchasing A Home:
Tip #1. Don’t Make Large Money Deposits - Making large financial transactions before closing can and will raise red flags during the loan process. This includes large cash deposits. All deposits must be documented. Speak to me before anything goes into your account.
Tip #2. Inform Me Of Changes In Your Employment – One of the worse times to change jobs is right before closing, as your employment is verified the day before closing. Any changes can affect the purchase of the home.
Tip #3. Keep All Paystubs, Bank Statements, Etc. - Once you are pre-approved, it is important to save all your proof-of–income documents in a folder. Occasionally underwriting needs your updated information. Having all your information together can prevent delays and save many headaches.
Tip #4. Keep Copies Of All Deposits – Any deposit(s) made into your checking account must show where the money came from. Do not deposit cash or use borrowed money unless you have cleared with me. The loan process can be stopped if undocumented or unusual deposits are made.
Summary: Buyers should stay on their toes during the days leading up to a closing. There is a lot of binding legal work behind purchasing a home, so familiarize yourself with all the documentation to avoid complications with the loan. Never rush at any point in the buying process. Be as thorough as possible, especially in the last 24 hours before closing day. Don’t hesitate to ask me questions or tell me of any concerns you may have.
