Actions to Avoid During the Real Estate Closing Process

Real Estate Attorney Rhonda L. Duddy has some recommendations for streamlining the process of buying a house. They are relatively easy to carry out and should go a long way toward preventing delays and headaches associated with home buying process. Three common problem issues are discussed below. Changing jobs can lead the lender to question the buyer’s financial strength and thus alter its opinion concerning financing. This can occur even when you are leaving a job for more money. Sometimes it is better to wait. Second, switching banks during the home buying process is not recommended. This becomes an issue as lenders are required to verify available funds at various times prior to closing. Transferring funds creates a fear that the funds are subject to a loan, as opposed to being funds that you have saved. Last on the list is to refrain from changing one’s marital status. This creates issues with names on documents and identity verification concerns. Other items that may cause delays include paying off accounts during the closing process and making large purchases such as a car as these would change the buyer’s verified funds, or increase debt. For some “Terms to Know”, click here: