nothing is certain. The deal might fall apart from one day to the next. Here’s a list of common mistakes that may seem insignificant for the buyer at first glance but for the lender may mean a “yes” or a “no.” • Making other big purchases while trying to obtain a mortgage • Charging your credit cards with thousands of dollars for unnecessary things • Buying furniture (the lender may suspect that you’re cutting funds reserved for the real estate payment) • Opening a new line of credit It’s highly important to act responsibly and turn in all the required paperwork on time. Ensure you have enough time to review the closing statement; don’t be the reason the signing is delayed. One more detail involves the money you receive from family or friends. This kind of income should be cleared with the lender early in the process for the sums to avoid being considered as further debt. Another way to delay the closure is by changing jobs or switching positions. These actions are highly questionable, especially if they lead to your main income being no longer based on a monthly salary but on commissions or performance bonuses. The unstable nature of a commission-based income might threaten the deal.
THE 10 THINGS TO KNOW TO GET TO YOUR CLOSING
1. Open an Escrow The first step to closing the deal and unlocking the front door of your own house is to open an escrow. An escrow is a contractual arrangement in which a third party receives and disburses money and documents for the primary transacting parties with the disbursement dependent on conditions agreed to by the transacting parties. Escrow, on average, will last approximately
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