Things You Should Never Do Before Closing
Stay away from these life changes before you sign on a new home.
by MIKE HALL
Making a major purchase – like a buying a boat – is a no-no if you want smooth sailing at closing.
There’s a little rhyme you can memorize to save yourself from the hassle of underwriter scrutiny when buying a home: If you’re headed to the closing table, it’s best to keep things stable.
Over the years, I’ve made lots of friends in the mortgage industry, from loan officers and other agents to the infamous underwriter. While underwriters may get a bad rap for their detailed way, they’re really trying to make sure they’ve got accurate information to get your loan to close.
I’ve learned a few things from them along the way. Here are a few of the things my underwriter friends would tell any buyer to avoid:
- Don’t make any major purchases. Don’t buy a boat, RV, or a car at least 30 days prior to closing on your loan. I know it’s tempting to make home furnishing purchases in anticipation of your new home – like furniture or appliances – to get everything in place to move, but it’s best to wait. If you pay cash, an underwriter will...