It’s Not Yours Until the Paperwork is Signed and Complete
Part 1
You’ve been pre-approved, your offer has been accepted, the house is under contract and you have a closing date. Is the home yours yet? No, and it won’t be until the paperwork is signed and you’re given the keys. Lots of things can happen that might change the fact you actually can buy the house. You have to be sure that you do what you are supposed to do to make your dreams come true.
What NOT to do until you sign the paperwork:
- Don’t Change Jobs-Banks want to be sure that you have a stable job history before they loan you money. This is no time to try a new job in a new field. Wait until you close.
- Don’t Make a Large Purchase-This is not the time to go out and buy a new car or that new furniture for the new home. Wait until you close so that your debt-to-income ratio will not be affected.
- Don’t Give Money Directly to a For Sale By Owner-EVER-Your deposit should be held in a trust account until closing so that the money you give as your earnest money will actually go toward the purchase of the home.
- Don’t Forget to Switch Utilities-You will want to make sure you have utilities when you actually move in. Turn off in your old home and turn on in your new home. Remember you might have deposits that need to be made and should be considered in your budget.
- Don’t Forget Hazard Insurance-A lender will want to make sure you have coverage on the new home and you don’t need to delay until the last minute to get this.
