Under contract? What not to do before closing

Congratulations, your offer was accepted. Between now and closing, your lender will re-check your credit, income and bank accounts, sometimes days before closing. Keeping everything steady protects your loan and your closing date.

Your money and credit

• Don't open new credit, including store cards, car loans, "buy now, pay later" plans or furniture financing.
• Don't make large purchases, even with cash. Wait until after closing for the car or the new furniture.
• Don't miss or pay late on any bill.
• Don't close or pay off accounts without asking your lender first.
• Don't move money around or deposit cash you can't document. Gifts from family need a gift letter and a paper trail.
• Don't co-sign for anyone.

Your job and income

• Don't change jobs, switch to commission or self-employment, or cut your hours without talking to your lender first, even for a raise.

Your contract and deadlines

• Don't miss a contract date. Your escrow deposit, loan application, inspection period and loan approval all have firm deadlines. I'll send you every date and remind you before each one.
• Don't wait on insurance. In Florida, getting homeowners insurance can take time, and your lender needs proof of coverage before closing. Start quotes as soon as the inspection and wind mitigation reports are in.
• Don't ignore your lender's requests. Send pay stubs, bank statements and letters of explanation the same day if you can.

Your closing day

• Never wire money based on an email alone. Before sending your closing funds, call the title company at a number you already have and confirm the wiring instructions by voice. Scammers send convincing fake emails that look like they're from your agent or the title company.
• Don't book movers or give notice on your lease until your loan is clear to close and your closing date is confirmed.
• Don't skip the final walk-through.

Not sure if something affects your purchase? Ask me or your lender first. A two-minute call can save your closing.