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, in order 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 questioned, especially if they lead to your main income 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. One last note on escrow disruptions, do not switch lenders after escrow opens because you received an unsolicited email from an unknown lender offering you lower rates. This can cause days to weeks of delay as you will need to start your entire underwriting process all over again. There are certain circumstances where changing lenders is necessary, but by all means, before you do this, you need to communicate with your agent so they can update all parties involved. Certain disruptions in escrow can place you in jeopardy of losing your deposit. Be careful and be communicative.
10 THINGS TO KNOW IF YOU'RE CLOSING A HOME DEAL FOR THE FIRS R THE FIRST TIME
#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
79
Powered by FlippingBook