Issues That Can Hold Up Your Closing

You have gotten approved for a home loan and now you are just waiting to make it to the closing table. Make sure you don’t throw your loan approval into jeopardy by making one of these common mistakes–

• Making a big purchase. Avoid making major purchases, like buying a new car or furniture, until after you close on the home. Big purchases could change the your debt-to-income ratio that the lender used to approve the buyer’s home loan and could throw the approval into jeopardy.
• Opening new credit. Now isn’t the time to open up any new credit cards.
• Missing any payments. Home buyers need to be extra vigilant about paying all their bills on time, even if they’re disputing one.
• Cashing out. Avoid any transfers of large sums of money between your bank accounts or making any undocumented deposits — both of which could send up “red flags” to your lender.

Source: Realty Times