Real Estate Tips — What Not To Do During The Closing Process

With the Philadelphia Real Estate market on a constant rise, we’ve put together some tips to help you avoid pitfalls during the closing process. Keep reading to learn about the most common mistakes made during the closing process, and how you can avoid them!

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Major Purchases

This tip is (mostly) applicable to individuals who are taking out loans — don’t make any major purchases from your verified funds, as this may result in your overall debt increasing which means you may no longer qualify for loans you had taken out to purchase a new home.

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Changing Jobs

Changing professional positions, especially to a position with a decreased salary, can result in your lender denying your loan. Even switching to a position at the same pay level, but in a different field, can result in your loan being denied. We recommend staying put through the end of the closing process to ensure you receive funding from your loan.

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Changing Marital Status

This one isn’t so much a “don’t” but keep in mind that you need to inform all necessary parties of any changes to your legal name to avoid loss of loan approval. Keeping all your paperwork up to date will make the closing process much more seamless.

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Paying off Accounts

Unless you are advised by your loan officer to pay off certain bills or accounts, we recommend you leave your accounts exactly as they are. Similarly to our first tip, you don’t want to risk loosing your loan!

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Switching Banks

One your lender has verified your existing funds at a financial institution, we strongly suggest you leave your funds where they are. Switching banks will only make the closing process take more time, and require more verification for your lender.

When you're approaching the finish line on the journey into your new home, you want everything to be seamless — you want nothing to go wrong, right? These 5 simple tips will help you avoid any pitfalls, and keep you on the path to securing your new home!  Our agents are here to help, with our knowledgeable staff of agents and lending partners, we’re ready to answer any questions you might have about the closing process, and help you find the perfect home for your lifestyle needs!

Venture Philly Group

Buy. Sell. Invest.

info@venturephilly.com

o. 215.592.9522

1619 Walnut Street, Suite 500, Philadelphia, PA

venturephilly.com


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