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Do not: Buy a big-ticket item: a car, a boat, an expensive piece of furniture. Quit or switch your job. Open or close any lines of credit. Pay bills late. Ignore questions from your lender or broker. Let someone run a credit check on you. Make large deposits to your accounts outside of your paycheck. Cosign a loan with anyone.
Step 1: Understanding Your Documents. Taking inventory of your closing documents will ensure you and your lender have everything that's required for closing. ... Step 2: Selecting A Homeowners Insurance Plan. ... Step 3: Preparing Your Finances For Closing Day. ... Step 4: Planning What To Bring To The Table.
5 common mistakes that prevent closing on a mortgage Making a big purchase, including furniture. If you're about to close on a house, it's not the best time to get a new car, boat or other expensive item. ... Opening a new line of credit. ... Switching or quitting your job. ... Disrupting the timeline. ... Taking out a personal loan.
Fortunately, closing day usually only takes a few hours, and if everything is wrapped up before 3 p.m. (and not on a Friday), you will get your new keys at closing.
Perform a final walkthrough: Before the date of closing and any final paperwork is signed, home buyers would be smart to perform one last walkthrough of the property. This is to make certain that no damage has occurred to the property between walkthroughs and when the closing is finalized.