Costly Closing Mistakes

Your offer has been accepted, the building inspection passed with flying colours, now you’re on the road to the closing date! Although you have more breathing room now, the deals not done until all documents have been signed on closing. Here are some things NOT to do before that day.

Debt to Income Ratio

The ratio of your monthly income to your monthly debts is one of the main factors the lender considered when qualifying you. It can be tempting but don’t take out any loans for renovations you want to do on your future home. Also, don’t be tempted to purchase that new car you saw that would look perfect in the garage.

Changing Jobs

Lenders love stability. Most lenders prefer to have a two-year job history in hand, so making a career move could slow things down, or terminate the deal.

No “New” Credit Cards

Especially if you are a first time home buyer, you will most likely need to purchase a lot of items for your new home, like furniture and appliances. So resist the urge of applying for a new credit card. This can hurt your credit score.

Be On Time

Even though you may have been swept up in the busyness of buying a home, it’s still important to stay on top of all your current payments. Late payments, too, can hurt your credit score.