1) Do not open any new credit prior to closing. Lenders are now monitoring your credit all the way until closing and any new inquiries or new accounts could cause your loan to be turned down. Many buyers decide to buy appliances on credit or open up a Home Depot Card prior to closing – DON’T DO ANYTHING PRIOR TO THE LOAN CLOSING
2) Do not change jobs during escrow. You may find this funny but it happens quite often. The lender will re-verify your job the day of “funding” by calling your employer to make sure you are still working there. If you think your job is changing, please notify us immediately.
3) Please keep very good documentation of any deposits or transfers. Many buyers start moving money from one account to another in anticipation of closing. Please consult with me before you do this. Any large deposits or transfers will need to be documented with a paper-trail of these monies. This includes gifts from family, liquidation of stocks or retirement accounts or ANY large transfers/deposits of money.