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Wenzel Select Properties Newsletter-Vol 9 Issue 12

(630) 430-4790team@wenzelselectproperties.comwww.wenzelselectproperties.com

Avoid These Six Serious Mistakes During Closing

After a long search, you've found your ideal home. Your offer has been accepted, your mortgage approved, and the legal process is underway. Perhaps now you can relax and start making plans for your new chapter in life, right?

Unfortunately, things aren't quite that simple. Until closing has completed, you still need to ensure you do not derail your purchase. Here are six vital mistakes to avoid until you're firmly settled in your new home.

1. Switching Jobs
Avoid switching jobs between your mortgage approval and actually getting the keys in your hand. Taking a new position is a major change in status and could invalidate your approval.

2. Switching Banks
You may be able to get a better savings rate or less expensive overdraft fee by moving banks, but now isn't the time to take advantage of any attractive offers. Changing the details of your bank muddies the waters of your financial situation, and a lender will need to begin their verification processes over again.

3. Applying for New Credit
Your mortgage was approved in the light of your existing credit availability. If you suddenly take on new debt or even just an unused credit line, it will alter the overall picture. Even small changes could have a big impact if your approval was borderline.

4. Paying Off Debt
You may think clearing a debt could only have a positive effect on your finances. Unfortunately, every change in your credit status can be enough to trigger a reevaluation of your loan eligibility, and this includes clearing previous debt.

5. Changing Marital Status
Getting married and buying a new home often go together, but all changes in marital status will have an impact on your credit rating. It may trigger a minor or major change, depending on how closely your individual files match up, but it's best to avoid any disruption at all during this sensitive period.

6. Making Major Purchases
Resist the temptation to shop for furnishings for your new home or make any other major purchases until your mortgage is signed, sealed, and delivered.

If you have questions about home buying or if you need help finding a lender, contact me today!

Managing Broker: Lisa Wenzel - 630 430-4797

Broker: Melissa Mathis – 630 392-5171

Broker: Freddy Wenzel - 630 430-4790

Broker: Danny Reed - 708 703-4653

Broker: Kristine Emmel - 847 489-8965

Broker: Eumeka Aguado - 847 513-4433

Broker: Morgan Pittsley - 815 540-6952
Broker: Catherine Lopez - 630 981-4572

Broker: Michaela Valle – 630 946-4269

Broker: Eric Pieroni – 630 818-0102

Broker: April Stary – 630 962-4820

Broker: Nina Rodriguez (224) 587-0780
Team Wenzel, 1120 Norfolk Street, Downers Grove IL 60516
The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice. If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation.



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