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4 mistakes to avoid when closing on a residential property

On Behalf of | Jan 20, 2023 | Real Estate |

Purchasing a New York home is an exciting adventure and is cause for celebration, but be careful about the decisions you make between now and closing.

Here are four mistakes to avoid when closing on a residential property.

1. Spending too much

If your home purchase is contingent upon loan approval, you should be mindful of how much you spend, including paying off debt. Even after approval, you should avoid any major spending until after closing. Otherwise, there may be a delay in your financing or your loan may fall through altogether.

2. Quitting your job

Loan approval usually hinges on your employment. Quitting or switching jobs while your sale is pending could prevent you from securing the funding needed to close the deal.

3. Relocating your money

You should avoid moving your money from one financial institution to another while waiting to close. If you must move the finances, be sure to submit fresh proof of funds to your lender, though the process may hit a speed bump because of the change.

4. Not having your proverbial ducks in a row

For your sale to go through, you must provide all the information your lender asks for, which requires a high level of proactivity to manage. Additionally, you should secure insurance and schedule a home inspection promptly to ensure a smooth and efficient closing.

There are many ins and outs of the home-buying process. However, if you can avoid these mistakes, you may soon find yourself with keys to the home of your dreams.