Once you’ve secured home loans in San Diego, here’s what not to do when closing escrow.
You’re about to buy a home, and are now ‘in escrow,’ the homestretch of the home-sale process! During this period, you, as the buyer, will provide the needed funds for the home (most likely from your lender and with your down payment). Next, the owner will transfer ownership of the property, and the sale will be finalized. While it sounds like a smooth process, there can be major hiccups if you should do one of the following.
Don’t leave town or be hard to reach.
Going on vacation or being hard to reach while in escrow is not a good idea, especially if your lender needs to get in touch with you to process your loan. Any glitches in this transaction can push back the closing date for your home. For the same reason, it’s not a good idea to change your cell phone number or never answer your calls. Aim to be reachable during this period.
Don’t change jobs.
When you’re looking to close escrow and take possession of a home, you don’t want to make your lender uneasy. Changing jobs during this time could certainly make a creditor second-guess their decision and question whether you’ll be able to afford that home. Stay put in your job if possible.
Avoid being a big spender.
A home is a big purchase, one that will throw off your debt-to-income ratio. You don’t want to end up buying more than what you can afford. Try to keep the balances on your credit cards low, and don’t take on new debt until after you close on your home.
Always pay bills on time.
Stay current on your bills to keep your credit score high and steady while the loan goes through. Any changes to your credit score could affect the likelihood of closing on your new home!
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