3 big mistakes to avoid when closing on a home
Posted on January 16, 2022
You’re about to buy a home, congrats! This is an exciting and overwhelming time of life. You want to make all the right decisions and avoid doing anything that you’ll regret down the road. Hopefully your realtor can guide you in the right direction, but in case they fall short, here are 3 big mistakes to avoid when closing on your home.
- Not sticking to your closing timeline: In order to make sure things progress and you get in your home as soon as possible, it is important to follow your closing timeline. You will need to complete certain things like wiring funds or setting up appointments with inspectors. Not sticking to your timeline can result in a breach of contract and the house sale could fall through.
- Not following up: With all the different parties involved in a house purchase, it’s important to always be following up (no matter how annoying you might feel). Follow up with your realtor, inspectors, appraisers, escrow company, mortgage lender or bank. Remember to try your best to be polite and courteous when following up and asking for updates.
- Making a big purchase during the escrow period: Avoid buying anything large like a car or financing anything. This affects your debt to income ratio and can change the mortgage amount you qualify for. At this point in the transaction, you don’t want to risk a change in your finances.
